The Leesburg, Virginia, company’s stock now trades under the ticker QUBT on the middle-tier OTC Market in New York.
Investors cheered the news, sending Quantum Computing stock up nearly 33.4% to $4.55 in afternoon trade.
Quantum Computing CEO Robert Liscouski said the "upgrade" demonstrated the company’s “commitment” to its shareholders.
Liscouski said: “We have a world-class team that is developing quantum ready solutions for clients in the fintech and medical fields. We expect to launch our first products in the fourth quarter.”
Computer scientists at Quantum are designing the next wave of algorithms used by high-frequency traders at hedge funds to scour the market for arbitrage opportunities and competitive investment strategies.
Cracking hard problems
“What we’re doing is writing the algorithms that will run on quantum computers to solve some of the hard problems that quantum computers can solve based on their ability to scale very complex problems very quickly,” according to Liscouski.
In its statement, the company said its programs are also set to be used for genetic research, and by pharmaceutical companies.
A second area that throws up sizeable commercial potential for Quantum’s computer scientists is artificial Intelligence. The possibilities for the use of quantum software applications here extend from improving facial recognition technology to handling the in-flight requirements of aircraft.
The OTC Markets Group operates the OTCQX Best Market, the OTCQB Venture Market and the Pink Open Market for some 10,000 US and global securities.
Contact Uttara Choudhury at [email protected]
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