Quantum Computing Inc. (QCI) has just announced the pricing of concurrent offerings of common stock, which are expected to result in aggregate gross proceeds of $50 million. The offerings include the purchase and sale of 1,540,000 shares of common stock at a purchase price of $5.00 per share in a registered direct offering, as well as an additional 8,460,000 shares of common stock at the same price in a concurrent private placement.
The company intends to use the net proceeds from the offerings for working capital and general corporate purposes, with the aim of advancing the development of its quantum technologies. This includes the potential expansion of its U.S.-based thin-film lithium niobate (TFLN) photonic chip foundry in Tempe, Arizona, which is on track for completion in Q1 2025.
Mr. Chris Boehmler, CFO of QCI, expressed that the successful pricing of these offerings will further bolster the company’s balance sheet, strengthen its long-term investment in research and development, and manufacturing capabilities. The additional funds are expected to support the operational ramp-up of the TFLN photonic chip foundry, driving revenue generation, scaling production, and accelerating the advancement of the company's high-performance computing products, including the Dirac line of quantum optimization machines and reservoir computers.
The securities in the registered direct offering are being offered pursuant to an effective shelf registration statement on Form S-3 (file no. 333-268064) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on November 8, 2022.
It is worth noting that the securities issued in the concurrent private placement have not been registered under the Securities Act of 1933, as amended.
Today the company's shares have moved 7.5% to a price of $6.88. For the full picture, make sure to review Quantum Computing's 8-K report.
