Quantum Computing Inc. Announces Concurrent Offerings of Common Stock for Aggregate Proceeds of $50 Million

On December 10, 2024, Quantum Computing Inc. (NASDAQ:QUBT) made an important announcement through an 8-K filing. The company stated that it has entered into securities purchase agreements to carry out a registered direct offering and a private placement. The goal of these offerings is to raise a total of $50 million in gross proceeds.

In the registered direct offering, Quantum Computing agreed to issue 1,540,000 shares of its common stock at a price of $5.00 per share. At the same time, in a private placement, they will sell an additional 8,460,000 shares at the same price of $5.00. These two offerings are structured to yield gross proceeds of approximately $7.7 million from the registered offering and around $42.3 million from the private placement.

The funding raised through these offerings is intended for working capital and general corporate needs. A significant focus will be on advancing their quantum technologies and enhancing their TFLN Photonic Chip Foundry located in Tempe, Arizona, which is expected to be completed by the first quarter of 2025.

The exclusive placement agent for these offerings was Titan Partners Group LLC, a part of American Capital Partners. The shares sold in the registered offering are covered under an effective shelf registration statement, while the shares from the private placement will be registered for resale later.

After the annual shareholders' meeting held in 2024, Quantum Computing announced the election of five new members to its Board: Dr. Yuping Huang, Dr. Carl Weimer, Dr. Javad Shabani, Mr. Robert Fagenson, and Mr. Michael Turmelle. Moreover, BPM LLP has been ratified as the independent registered public accounting firm for the fiscal year concluding on December 31, 2024.

During the shareholders’ meeting, the Company’s executive compensation and the selection of an accounting firm were also approved. Additionally, on December 10, 2024, a press release was issued detailing the offerings. This information is meant for informational purposes and is not included in filings with the Securities and Exchange Commission.

The initiatives taken by Quantum Computing suggest a strategic effort to strengthen its financial foundation and enhance its technological capabilities within the quantum computing industry.

Quantum, Computing, Investment