Business Context and Reporting Period
Company: Quantum Computing Inc. (QUBT)
Filing Type: Form 8-K (Current Report)
Date of Report: June 24, 2024
Reporting Period: Event-based disclosure regarding Nasdaq listing compliance.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory compliance status.
Material Changes and Events
- Nasdaq Delisting Notice: The Company received a notice from Nasdaq on June 24, 2024, stating it failed to satisfy Listing Rule 5250(c)(1) due to the failure to file its Quarterly Report on Form 10-Q by the May 15, 2024 deadline.
- Auditor Dismissal: The delay in filing is attributed to the dismissal of BF Borgers CPA PC on May 3, 2024, following a permanent bar order by the SEC against the firm and Mr. Borgers.
- Remediation Plan: The Company has engaged a new independent registered public accounting firm to complete the audit and review of financial statements. It intends to file the overdue 10-Q promptly.
- Compliance Timeline: The Company must notify Nasdaq of its compliance plan by August 23, 2024. If accepted, Nasdaq may grant up to 180 calendar days (until December 16, 2024) to regain compliance.
Outlook, Risks, and Management Commentary
- Trading Status: The delisting notice has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Stock Market LLC.
- Appeal Rights: If Nasdaq does not accept the Company's compliance plan, the Company retains the right to appeal the decision to a Hearings Panel.
- Risk Factor: Failure to regain compliance within the granted timeframe could result in delisting.
Investor Verification Checklist
- Verify the engagement letter and timeline with the newly appointed independent registered public accounting firm.
- Monitor the filing of the overdue Form 10-Q for the period ended March 31, 2024.
- Track the August 23, 2024 deadline for submitting the compliance plan to Nasdaq.
- Confirm whether Nasdaq accepts the plan and the specific deadline granted for full compliance.