HOBOKEN,
N.J., Aug. 22, 2024 /PRNewswire/ -- Quantum
Computing Inc. (NASDAQ: QUBT) ("QCi" or the "Company"), an
innovative quantum optics and nanophotonics technology company,
today announced that it received a notice (the "Notice") from
Nasdaq Stock Market LLC ("Nasdaq") that the Company had failed to
satisfy a standard for continued listing, Nasdaq Listing Rule
5250(c)(1), because the Company did not timely file its Quarterly
Report on Form 10-Q for the period ended June 30, 2024 (the "Form
10-Q") with the Securities and Exchange Commission (the "SEC").
The Company has submitted an updated plan to Nasdaq to remediate
filing deficiencies and has until December
16, 2024 to regain compliance. If the Company fails to
timely regain compliance by filing Form 10-Qs for the period ended
March 31, 2024 and June 30, 2024, the Company's ordinary shares will
be subject to delisting from Nasdaq. The Company expects to regain
full compliance with Nasdaq Listing Rule 5810(b) before the
December 16 deadline.
The delay in filing the Company's Form 10-Qs for the periods
ending March 31, 2024 and
June 30, 2024 is due to QCi's recent
change of auditors. As previously reported, effective May 3, 2024, the Company dismissed BF Borgers CPA
PC ("BF Borgers) as its independent registered public accounting
firm, in parallel with an order by the SEC against BF Borgers, and
effective June 6, 2024, appointed BPM
LLP ("BPM") as the Company's independent registered public
accounting firm. The Company plans to file its Form 10-Qs for the
periods ending March 31, 2024, and
June 30, 2024 as soon as practicable
after completion of BPM's audit in the coming weeks of the
Company's consolidated financial statements for its 2023 fiscal
year.
This announcement is made in compliance with the Nasdaq Listing
Rule 5810(b), which requires prompt public disclosure of the
deficiency.
About Quantum Computing Inc.
Quantum Computing Inc. (QCi) (Nasdaq: QUBT) is an
innovative, integrated photonics company that provides accessible
and affordable quantum machines to the world today. QCi products
are designed to operate at room temperature and low power at an
affordable cost. The Company's portfolio of core technology and
products offer unique capabilities in the areas of high-performance
computing, artificial intelligence, cybersecurity as well as remote
sensing applications.
For more information about QCi,
visit www.quantumcomputinginc.com.
Forward-Looking Statements
Certain information contained in this report consists of
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve risks,
uncertainties and assumptions that are difficult to predict. Words
such as "will," "would," "may," "intends," "potential," and similar
expressions, or the use of future tense, identify forward-looking
statements, but their absence does not mean that a statement is not
forward-looking. Such forward-looking statements are not guarantees
of performance and actual actions or events could differ materially
from those contained in such statements. For example, there can be
no assurance that the Company will regain compliance with the Rule
during any compliance period or in the future, or otherwise meet
Nasdaq compliance standards, that the Company will be eligible for
a second compliance period, or that Nasdaq will grant the Company
any relief from delisting as necessary or that the Company can
ultimately meet applicable Nasdaq requirements for any such relief.
The forward-looking statements contained in this report speak only
as of the date of this report and the Company undertakes no
obligation to publicly update any forward-looking statements to
reflect changes in information, events or circumstances after the
date of this report, unless required by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/quantum-computing-inc-announces-receipt-of-nasdaq-non-compliance-notice-302229037.html
SOURCE Quantum Computing Inc.