Quantum Computing (NASDAQ: QUBT) (“QCi”), an innovative, integrated photonics and quantum optics technology company, recently announced its entry into securities purchase agreements with institutional investors for the purchase and sale of 1,540,000 shares of common stock, each at a price of $5.00, pursuant to a registered direct offering. In a concurrent private placement, the company entered into securities purchase agreements for the purchase and sale of an additional 8,460,000 shares of its common stock at the same price. Quantum Computing expects aggregate gross proceeds of $50 million, of which it intends to use the net for working capital and general corporate purposes. With the anticipated net proceeds, combined with existing cash reserves, the company expects to have sufficient resources to continue advancing the development of its quantum technologies, including not only the initial buildout but also the potential expansion of its U.S.-based thin film lithium niobate (“TFLN”) Photonic Chip Foundry in Tempe, Arizona, which remains on track for completion in Q1 2025. Titan Partners Group, a division of American Capital Partners, is acting as the sole placement agent for the offerings.
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About Quantum Computing Inc.
Quantum Computing is an innovative, integrated photonics and quantum optics technology company that provides accessible and affordable quantum machines to the world today. QCi products are designed to operate at room temperature and low power at an affordable cost. The company’s portfolio of core technology and products offers distinctive capabilities in the areas of high-performance computing, artificial intelligence, cybersecurity, as well as remote sensing applications.
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