Quantum Computing Inc. Secures $100 Million Private Placement

Quantum Computing Inc. Completes Private Placement

Quantum Computing Inc. (NASDAQ: QUBT) has recently confirmed a significant milestone by announcing the completion of a private placement, securing $100 million in gross proceeds. This move reflects the company's strategic efforts to bolster its financial foundation and advance technology initiatives. The private placement entails an offering of 8,163,266 shares of common stock at a price of $12.25 per share.

Usage of Proceeds for Strategic Growth

The financial infusion from this placement will be channeled towards working capital and general corporate purposes. Quantum Computing Inc. aims to leverage these funds, along with current cash reserves, to propel forward the development and production of its pioneering photonic and quantum technologies, specifically focusing on thin-film lithium niobate (TFLN) innovations. The company anticipates that this platform will not only enhance its offerings but also play a crucial role in the broader landscape of quantum computing.

Insights from Company Leadership

According to Chris Boehmler, CFO of Quantum Computing Inc., this offering marks a significant achievement within the company's recent funding journey. "The successful completion of this $100 million offering was executed at a substantial premium compared to our previous fundraising efforts, bringing our total gross capital raised since November to an impressive $190 million," he noted. This financing is essential in fortifying the company’s fiscal posture, enabling it to execute its multi-year growth strategy effectively.

Involvement of Placement Agents

Titan Partners Group, a division of American Capital Partners, has facilitated the placement as the sole agent. Their expertise and commitment have been vital in ensuring a smooth process during this financing round. As they move forward, the company plans on fostering these partnerships to enhance its market presence and focus on developing products geared towards high-performance computing and other innovative applications.

Registration and Compliance

The shares issued in this private placement have not been registered under the Securities Act of 1933, hence cannot be sold or offered for sale within the United States unless an exemption applies. Quantum Computing Inc. has committed to filing a resale registration statement with the SEC, allowing future transactions concerning these shares in compliance with regulatory requirements.

About Quantum Computing Inc.

Quantum Computing Inc. (NASDAQ: QUBT) stands at the forefront of integrated photonics and quantum optics technology. The company is dedicated to providing accessible and affordable quantum computing solutions designed to function effectively under room temperature conditions. Their innovative products put a strong emphasis on affordability and low power consumption, making great strides in various fields, including artificial intelligence, cybersecurity, and remote sensing.

Looking to the Future

The recent capital raising efforts will have a substantial impact on Quantum Computing Inc’s trajectory. By reinforcing its capabilities in the quantum technology arena, the company is poised to capitalize on significant opportunities, especially within the emerging TFLN chip market and overall quantum computing sector. The ongoing development in high-performance computing will play an integral part in not only achieving strategic goals but also leading industry advancements.

Frequently Asked Questions

What is the primary purpose of the $100 million raised?

The proceeds will primarily support working capital and the development of quantum and photonics technologies.

Who acted as the placement agent for the offering?

Titan Partners Group, a division of American Capital Partners, served as the sole placement agent.

What does Quantum Computing Inc. specialize in?

The company specializes in integrated photonics and quantum optics technology, providing accessible quantum computing solutions.

How many shares were offered in the private placement?

A total of 8,163,266 shares of common stock were offered in the private placement.

What is the expected closing date of the offering?

The closing of the offering is anticipated to occur shortly, pending standard closing conditions.

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