Quantum Computing Inc. Announces $50 Million in Concurrent Stock Offerings

On December 10, 2024, Quantum Computing Inc. (NASDAQ:QUBT) revealed through an 8-K filing that it has entered into securities purchase agreements for both a registered direct offering and a private placement, targeting a total of $50 million in gross proceeds. Specifically, the company will issue 1,540,000 shares of common stock at a price of $5.00 per share in the registered direct offering. Concurrently, another 8,460,000 shares will be available through a private placement at the same share price.

The registered offering is anticipated to generate approximately $7.7 million, while the private placement is expected to bring in an additional $42.3 million. The funds raised from these offerings will primarily be allocated for working capital and overall corporate needs. A notable focus for the company will be the enhancement of its quantum technology capabilities and the expansion of its U.S.-based TFLN Photonic Chip Foundry located in Tempe, Arizona. This facility is on track for completion in the first quarter of 2025.

Titan Partners Group LLC, a sector of American Capital Partners, served as the exclusive placement agent for these offerings. The shares from the registered direct offering are under a valid shelf registration statement, with plans to register those from the private placement for resale in the future.

After the 2024 annual shareholders’ meeting, Quantum Computing announced the election of Dr. Yuping Huang, Dr. Carl Weimer, Dr. Javad Shabani, Mr. Robert Fagenson, and Mr. Michael Turmelle to the Board of Directors. Furthermore, BPM LLP has been confirmed as the independent registered public accounting firm for the fiscal year concluding December 31, 2024.

During the shareholders’ meeting, the proposed executive compensation and the choice of accounting firm received shareholder approval. On the same day, Quantum Computing issued a press release to elaborate on the details of the offerings. It is essential to note that this disclosed content is purely for informational purposes and is not integrated into any filings made with the Securities and Exchange Commission.

The developments indicated by Quantum Computing reflect a strategic initiative designed to solidify its financial foundation and further its technological advancements within the quantum computing industry.

This information was highlighted in a report submitted recently to the SEC by Quantum Computing Inc.

About Quantum Computing

Quantum Computing Inc. is an integrated photonics firm dedicated to making quantum machines accessible and affordable. Their offerings include Dirac systems that are portable, low-power, and operate at room temperature for qubit and qudit entropy quantum computers (EQC). Additionally, the company specializes in reservoir computing, remote sensing, and single photon imaging. They also provide a Quantum random number generator (uQRNG), a portable device that generates authentic random numbers directly from quantum processes, as well as quantum authentication that addresses vulnerabilities found in classical cryptographic systems using a comprehensive entanglement-based quantum cyber solution that integrates smoothly into existing telecom fiber infrastructure.

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