Quantum (NASDAQ:QMCO) Computing Inc. (NASDAQ:QUBT), a prepackaged software services provider, has announced amendments to its Code of Ethics, which will take effect starting October 1, 2024. The changes, approved by the company's Board of Directors on September 20, 2024, include a more stringent policy on conflicts of interest and a new procedure for granting waivers to the code.
The revised conflict of interest policy now prohibits company insiders from seeking any favors, preferential treatment, or gifts from any person or entity doing or aspiring to do business with the company. The amendments clarify that only gifts consistent with customary business practice and not considered extravagant are permissible, and they must be based on family or personal relationships independent of business dealings.
Additionally, the new provisions stipulate that any waivers to the Code of Ethics for executive officers or directors can only be authorized by the Board or a Board committee, in line with securities exchange rules where the company's securities are listed. Moreover, any waivers granted, not just those representing a "material departure" from the code, will be publicly disclosed as per Securities and Exchange Commission (SEC) regulations and securities exchange rules.
The company has also made other non-substantive changes to its Code of Ethics. The full text of the amended Code will be available on Quantum Computing Inc.'s website following its effective date.
In other recent news, Quantum Computing Inc. has amended its annual report for the years ended December 31, 2023, and 2022. The restatement includes several non-cash adjustments to its financial statements following a change in the company's auditor. Despite these adjustments, the restatement had no material impacts on the company's cash balances or operating cash flows.
In addition to this, Quantum Computing Inc. is facing potential delisting from the Nasdaq Stock Market due to non-compliance with a listing rule, resulting from a delay in submitting its quarterly financial report.
The company has welcomed Dr. Javad Shabani, an Associate Professor of Physics at New York University, to its Board of Directors, and sold its advanced quantum LiDAR prototype to Johns Hopkins University for testing and evaluation. On the financial front, Ascendiant Capital has adjusted its outlook on Quantum Computing Inc., reducing the 12-month price target to $8.25 from the previous $8.75, while maintaining a Buy rating on the company's stock.
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