Rigetti Computing, Inc. Form 8-K Summary
Business Context and Reporting Period
Rigetti Computing, Inc. filed a Current Report on Form 8-K dated January 25, 2023, with the report signed on January 27, 2023. The filing concerns the company’s continued listing status on The Nasdaq Capital Market and does not report quarterly or annual financial results.
Financial Metrics and Liquidity
The filing does not provide clear values for revenue, profit, cash flow, margins, debt, liquidity, or other financial metrics.
Material Change Versus the Prior Comparable Period
On January 25, 2023, Nasdaq notified Rigetti that its common stock had not complied with Nasdaq Listing Rule 5550(a)(2), which requires a minimum closing bid price of $1.00 per share. The deficiency was based on the closing bid price during the preceding 30 consecutive business days.
Guidance, Outlook, Risks, and Unusual Items
- Rigetti received an initial 180-calendar-day compliance period ending July 24, 2023.
- The company can regain compliance if its closing bid price reaches at least $1.00 for a minimum of 10 consecutive business days during the compliance period.
- If necessary and if eligibility requirements are met, Rigetti may qualify for an additional 180-calendar-day compliance period. The company would need to meet other Nasdaq Capital Market initial listing requirements and provide written notice of its intention to cure the deficiency, potentially through a reverse stock split.
- If Rigetti does not regain compliance and is not eligible for an extension, Nasdaq may issue a delisting notice. The company may appeal a delisting determination to a Nasdaq hearings panel, although there is no assurance that an appeal would succeed.
- Rigetti stated that it intends to monitor its closing bid price and consider available alternatives, including potentially effecting a reverse stock split.
- There is no assurance that Rigetti will regain compliance, satisfy other Nasdaq listing criteria, or maintain its Nasdaq listing.
Important Facts for Investors to Verify
- Whether Rigetti’s common stock regained a closing bid price of at least $1.00 for 10 consecutive business days before July 24, 2023.
- Whether Nasdaq granted an additional compliance period or issued a delisting determination.
- Whether the company pursued or completed a reverse stock split.
- Whether Rigetti remained compliant with all other Nasdaq continued-listing requirements.