HOBOKEN,
N.J., Jan. 7, 2025 /PRNewswire/ -- Quantum
Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an
innovative, integrated photonics and quantum optics technology
company, today announced that it has entered into securities
purchase agreements with institutional investors for the purchase
and sale of 8,163,266 shares of common stock in a private placement
at a purchase price of $12.25 per
share. The offering is expected to result in gross proceeds of
$100 million, before deducting
offering expenses. The closing of the offering is expected to occur
on or about January 9, 2025, subject
to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering
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
and expanding the development and manufacturing of its photonics,
thin-film lithium niobate (TFLN), and quantum technologies.
"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 Mr.
Chris Boehmler, CFO of QCi. "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."
Titan Partners Group, a division of American Capital Partners,
is acting as the sole placement agent for the offering.
The securities issued in the private placement described above
have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements. The Company
has agreed to file a resale registration statement with the SEC for
purposes of registering the resale of the shares of common stock
issued in connection with the private placement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
For investor relations inquiries, contact John Nesbett at qci@imsinvestorrelations.com,
and for public relations inquiries, contact Jessica Tocco at
jessica.tocco@a10associates.com.
About Quantum Computing Inc.
Quantum Computing Inc. (Nasdaq: QUBT) is an innovative,
integrated photonics and quantum optics technology company that
provides accessible and affordable quantum machines to the world
today. QCi's products are designed to operate at room temperature
and low power at an affordable cost. The Company's portfolio of
core technology and products offer unique capabilities in the areas
of high-performance computing, artificial intelligence, and
cybersecurity, as well as remote sensing applications
Forward-Looking Statements
This press release contains forward-looking statements as
defined within Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements, generally identified by
terms such as "may," "will," "expect," "believe," "anticipate,"
"estimate," "intends," "goal," "objective," "seek," "attempt," "aim
to," or variations of these or similar words, involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the future. Those statements
include statements regarding and including statements regarding the
expected closing of the offering and QCi's use of the net proceeds
from the offering. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, including, without
limitation, the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the offering, as well as risks and uncertainties
inherent in the QCi's business, including the timing of commencing
production at our TFLN fabrication facility, the timing of the
advancement of our high-performance computing products, and the
outcome of ongoing collaborations and demonstration projects with
certain U.S. government agencies, and that actual results may
differ materially from those contemplated by such forward-looking
statements. Except as required by federal securities law, QCi
undertakes no obligation to update or revise forward-looking
statements to reflect changed conditions.
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SOURCE Quantum Computing Inc.
