D-Wave Quantum warrants delisted from NYSE in Form 25 filing

Rhea-AI Filing Summary

D-Wave Quantum Inc. has filed a Form 25 indicating that its warrants, each exercisable for 1.4541326 shares of common stock at an exercise price of $11.50, are being removed from listing and registration on the New York Stock Exchange LLC under Section 12(b) of the Securities Exchange Act of 1934. The exchange certifies that it has followed its own rules and the requirements of 17 CFR 240.12d2-2 for striking this class of securities from listing and/or withdrawing their registration. This action affects only the specified warrant class and not other securities mentioned elsewhere for the company.

Insights

Equity & Derivatives Market Structure Analyst

D-Wave Quantum warrants are being delisted and deregistered from NYSE.

The notification states that D-Wave Quantum Inc. warrants, each for 1.4541326 common shares at an $11.50 exercise price, are being removed from listing and registration on the New York Stock Exchange LLC under Section 12(b). The exchange notes compliance with its own rules and with 17 CFR 240.12d2-2 for striking this class of securities.

For warrant holders, delisting typically means trading may move to less liquid venues, which can affect pricing and ease of transacting, even though the contractual exercise terms remain as described. The impact on the underlying common stock depends on broader market perception, but this filing itself deals specifically with the warrant class.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does D-Wave Quantum Inc. (QBTS) report in this Form 25 filing?

The filing states that D-Wave Quantum Inc. warrants are being removed from listing and registration on the New York Stock Exchange LLC under Section 12(b) of the Securities Exchange Act of 1934, in compliance with 17 CFR 240.12d2-2.

Which D-Wave Quantum (QBTS) securities are affected by this Form 25?

The affected securities are warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50.

Is D-Wave Quantum or the NYSE initiating the warrant delisting in this notice?

The notice is signed by the New York Stock Exchange LLC, which certifies it has reasonable grounds to believe it meets all requirements to file Form 25 and has complied with rules to strike this warrant class from listing and/or registration.

What regulations are cited in the D-Wave Quantum (QBTS) warrant delisting?

The notice references 17 CFR 240.12d2-2(a) and states compliance under 17 CFR 240.12d2-2(b) and 17 CFR 240.12d2-2(c) regarding removal of a security from listing and registration on an exchange.

Does this Form 25 cover all D-Wave Quantum Inc. (QBTS) securities?

No. The description in the notice specifically references the class of warrants described as exercisable for 1.4541326 common shares at $11.50. Other D-Wave Quantum securities are not described in this notice.

What are the terms of the D-Wave Quantum warrants being delisted?

Each warrant is described as a whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50 per whole warrant.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/19/2025 - 10:00 AM Learn about SEC filing dates

UNITED STATES

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OMB Number:			3235-0080
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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION
UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number

001-41468

Issuer:	D-Wave Quantum Inc.
Exchange:	NEW YORK STOCK EXCHANGE LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)

Address:	3033 Beta Avenue
	Burnaby		V5G 4M9
Telephone number:					(604) 630-1428

(Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)

Warrants, each whole warrant exercisable for 1.4541326 Common Stock at an exercise price of $11.50

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

17 CFR 240.12d2-2(a)(1)

17 CFR 240.12d2-2(a)(2)

17 CFR 240.12d2-2(a)(3)

17 CFR 240.12d2-2(a)(4)

Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. ¹

Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements fo the Securities Exchange Act of 1934, NEW YORK STOCK EXCHANGE LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

2025-11-19	By	Tyler Mastronardi		Analyst, Market Watch
Date		Name		Title

¹ Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.