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D-Wave Quantum Inc is being warned by the New York Stock Exchange that it no longer complies with the regulations that govern listed businesses because its share price has been sitting under $1 for 30 trading days.

The Notice of Non-Compliance specifically Section 802.01C of the Exchange's Listed Company Manual hit the business's desk on March 15, the quantum company confirmed late yesterday.

This does not mean common stock in D-Wave Quantum will be delisted immediately. The business said it had told the NYSE that it "intends to cure the stock price deficiency and to return to compliance."

In a statement it adds that it has six months following the NYSE notice to "regain compliance" but its stock will need to be priced at higher than at least $1 for a 30-day trading period.

If D-Wave Quantum decides the actions it needs to take require shareholder approval, it'll need to tell the NYSE.

"The company intends to consider available alternatives, including but not limited to a reverse stock split, that are subject to shareholder approval," D-Wave says.

Founded in 1999, D-Wave has built itself around a type of quantum computer called a quantum annealing system but more recently started to develop its own quantum gate tech. It has developed five generations of systems so far. Customers include VM, Lockheed Martin and Accenture.

Revenue for the nine months ended 30 September 2022 was $4.8 million, up 24 percent year-on-year, and it recorded a net loss of $37.9 million versus a net loss of $17.7 million, not helped by surging operating expenses.

D-Wave was listed on the NYSE last year after merging with DPCM Capital, a special purpose acquisition company, and is the second such business trying to build a quantum computer to fall foul of stock market regulations.

Startup Rigetti confirmed in February that it was facing a delisting from the Nasdaq because its share price had fallen below the $1 mark, meaning it too was out of compliance with the rules. Rigetti revealed at the time it was also chopping one in four staff to cut costs and had revised its roadmap. The company will also has until July 24 to get back in compliance. Its stock price was $0.64 yesterday, up from $0.53 on Wednesday last week.

Industry experts believe development of a full-blown quantum computer is still way off in the distance.

"Quantum is a peak hype segment and is likely to remain so for the foreseeable future," Gartner VP analyst for Quantum Technologies, AI Infrastructures, and Supercomputing Chirag Dekate told us in February.

"The quantum segment is also highly fragmented with an estimated 600+ startups and some established companies currently operating in the space. This level of market activity is unusual and unsustainable for a market segment that currently does not deliver business value," he added.

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D-Wave hello to another quantum pioneer warned over possible delisting - The Register