Quantum Computing, Inc. (QCI) has successfully completed a private placement of 8,163,266 shares of common stock, generating gross proceeds of $100 million. This private placement was priced at $12.25 per share and is expected to close on or about January 9, 2025.
Mr. Chris Boehmler, the CFO of QCI, highlighted that this offering was priced at substantial premiums to their two recent offerings, bringing their total gross capital raised since November to $190 million.
The company intends to use the net proceeds from the offering for working capital and general corporate purposes. This, combined with existing cash reserves, is expected to provide sufficient resources for the company to continue advancing and expanding the development and manufacturing of its photonics, thin-film lithium niobate (TFLN), and quantum technologies.
It's also worth noting that Titan Partners Group, a division of American Capital Partners, served as the sole placement agent for the offering.
The securities issued in the private placement are unregistered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. However, the company has agreed to file a resale registration statement with the SEC for the purpose of registering the resale of the shares issued in connection with the private placement.
The market has reacted to these announcements by moving the company's shares -43.3% to a price of $9.91. If you want to know more, read the company's complete 8-K report here.
