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

On December 10, 2024, Quantum Computing Inc. (NASDAQ:QUBT) disclosed in an 8-K filing its entry into securities purchase agreements for a registered direct offering and a private placement, aiming to secure total gross proceeds of $50 million. The Company agreed to issue 1,540,000 shares of its common stock at $5.00 per share in the registered direct offering. Simultaneously, Quantum Computing entered into agreements for the private placement of an additional 8,460,000 shares at the same price.

The Registered Offering Purchase Agreements, executed on December 10, 2024, are expected to result in gross proceeds of $7.7 million, with an additional $42.3 million expected from the Private Placement. The Company plans to use the funds for working capital and general corporate purposes, particularly advancing its quantum technologies and expanding its U.S.-based TFLN Photonic Chip Foundry in Tempe, Arizona, slated for completion in Q1 2025.

Titan Partners Group LLC, a division of American Capital Partners, acted as the exclusive placement agent for the offerings. The shares issued in the registered offering are under an effective shelf registration statement, while those in the private placement are set to be registered subsequently for resale.

Following the 2024 annual shareholders’ meeting, Quantum Computing announced that Dr. Yuping Huang, Dr. Carl Weimer, Dr. Javad Shabani, Mr. Robert Fagenson, and Mr. Michael Turmelle were elected as Board members. Additionally, BPM LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.

On the basis of the votes cast during the shareholders’ meeting, the Company’s executive compensation and accounting firm selection were approved. Quantum Computing also issued a press release on December 10, 2024, detailing the offerings. This disclosed information is provided for informational purposes and is not incorporated by reference in filings with the Securities and Exchange Commission.

The Company’s reported advancements signal a strategic move aimed at fortifying its financial position and advancing its technological prowess in the quantum computing sector.

This news was brought to light in a recent report submitted to the SEC by Quantum Computing Inc.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Quantum Computing’s 8K filing here.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.