On February 2, 2024, after market close, D-Wave filed with the SEC a current report on Form 8-K in which it announced, in pertinent part, that its “audited financial statements included in its Annual Reports on Form 10-K for the periods ended December 31, 2022, 2021, and 2020”, its “unaudited financial statements included in each [of the] quarterly reports on Form 10-Q for the periods endings September 30, 2023, June 30, 2023, and March 31, 2023,” and certain prior registration statements filed on Forms S1 and S4 on various dates (collectively, the “Affected Periods”) “should no longer be relied upon.” In the same report, D-Wave announced that it “plans to restate, as soon as practicable, the Financial Statements for the Affected Periods”.

On this news, the price of D-Wave stock fell 8% to close at $0.883 on February 5, 2024, the next trading day.