HOBOKEN, N.J. - Quantum (NASDAQ:QMCO) Computing Inc. (NASDAQ:QUBT), a company specializing in quantum optics and nanophotonics technology, disclosed today that it has received a notice from the Nasdaq Stock Market LLC indicating the company is currently not in compliance with a listing rule. The non-compliance issue arose because Quantum Computing Inc. did not file its Quarterly Report on Form 10-Q for the period ended June 30, 2024, within the prescribed timeframe.
The company, also known as QCi, has been given until December 16, 2024, to file the required financial documents and regain compliance. Failure to meet this deadline could lead to the delisting of the company's ordinary shares from the Nasdaq exchange. QCi has attributed the delay in filing to a recent change in its auditors. On May 3, 2024, the company dismissed its previous accounting firm, BF Borgers CPA PC, following an SEC order against the firm. Subsequently, on June 6, 2024, QCi appointed BPM LLP as its new independent registered public accounting firm.
QCi is working to complete the audit of its consolidated financial statements for the 2023 fiscal year and plans to submit the overdue Form 10-Qs for the periods ending March 31, 2024, and June 30, 2024, as soon as the audit is finalized in the coming weeks.
The announcement comes as a compliance measure with Nasdaq Listing Rule 5810(b), which mandates public disclosure of such deficiencies. Quantum Computing Inc. is recognized for its development of quantum machines that are designed to operate at room temperature and low power, targeting applications across high-performance computing, artificial intelligence, cybersecurity, and remote sensing.
The information regarding the company's non-compliance and subsequent actions is based on a press release statement from Quantum Computing Inc.
In other recent news, Quantum Computing Inc. is grappling with a potential delisting from the Nasdaq Stock Market due to a delay in submitting its quarterly financial report. The technology firm has been given until August 23, 2024, to present a plan to regain compliance and avoid delisting. This development follows changes in the company's accounting oversight, with BPM LLP appointed as the new independent registered public accounting firm.
In other recent developments, Quantum Computing Inc. has welcomed Dr. Javad Shabani, an Associate Professor of Physics at New York University, to its Board of Directors. His extensive expertise in quantum computing technologies is anticipated to strengthen the company's technological advancement and product commercialization efforts.
Furthermore, Quantum Computing Inc. recently sold its advanced quantum LiDAR prototype to Johns Hopkins University for testing and evaluation, marking a significant step in underwater LiDAR technology. On the financial front, Ascendiant Capital adjusted its outlook on Quantum Computing Inc., reducing the 12-month price target to $8.25 from the prior $8.75, while maintaining a Buy rating on the company's stock. These are among the recent developments shaping the trajectory of Quantum Computing Inc.
InvestingPro Insights
As Quantum Computing Inc. (NASDAQ:QUBT) navigates through its current compliance issues with Nasdaq, investors have been closely monitoring the company's financial health and market performance. According to InvestingPro data, Quantum Computing Inc. holds a market capitalization of $65 million, which serves as a testament to its scale within the quantum optics and nanophotonics technology industry. Despite the challenges faced with filing its financial reports, the company has shown a revenue growth of 17.74% over the last twelve months as of Q1 2024, indicating a potential for increasing sales.
InvestingPro Tips reveal that analysts are anticipating sales growth in the current year for Quantum Computing Inc., which could be a positive sign for the company's future performance once it resolves its filing issues. Additionally, the company is recognized as a niche player in its industry, which could mean specialized market opportunities and a differentiated product offering. It's worth noting that Quantum Computing Inc. is trading at a high revenue valuation multiple, which may suggest that the market has high expectations for the company's growth prospects.
For investors seeking a deeper analysis, there are 11 additional InvestingPro Tips available for Quantum Computing Inc., which can be found at InvestingPro. These tips provide insights into the company's financial position, including cash reserves, profitability expectations, and stock price volatility, which are particularly relevant for stakeholders considering the current uncertainty surrounding the company's Nasdaq listing compliance.
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