Quantum Computing Inc. (NASDAQ:QUBT) shares are trading lower in the premarket session on Wednesday.
The company announced a private placement offering of 8.16 million shares of common stock at $12.25 per share.
The offering, which is expected to generate $100 million in gross proceeds before expenses, is set to close on or about January 9, 2025, pending customary closing conditions.
The company plans to use the net proceeds for working capital and general corporate purposes, with a focus on advancing the development and manufacturing of its photonics, thin-film lithium niobate (TFLN), and quantum technologies.
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“This successful $100 million offering is priced at substantial premiums to our two recent offerings, bringing our total gross capital raised since November to $190 million,” said Chris Boehmler, CFO.
“These funds further fortify our financial position and enable us to execute our multi-year growth plan, including investment in our longer-term initiatives, and thereby capitalize on the considerable opportunities in the TFLN photonic chip and quantum computing markets.”
Yesterday, Quantum Computing received its third and fourth purchase orders for its TFLN photonic chip foundry, part of its Foundry Pilot Launch Program.
The orders came from a well-known European technical university and a Canadian photonic integrated circuit design house, broadening the company’s customer base across both research and commercial sectors. The university will use Quantum Computing Inc.’s periodically poled lithium niobate structures for optical frequency conversion and entangled photon generation, focusing on advanced telecommunications applications.
Price Action: QUBT shares are trading lower by 19.7% to $14.04 premarket at last check Wednesday.
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