HOBOKEN,
N.J., Dec. 10, 2024 /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 1,540,000 shares of common stock at a purchase price of
$5.00 per share, 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. The offerings are expected to result in
aggregate gross proceeds of $50
million, before deducting offering expenses. The closing of
the offerings is expected to occur on or about December 12, 2024, subject to the satisfaction of
customary closing conditions.
The Company intends to use the net proceeds from the offerings
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.
"We are pleased to have successfully priced these offerings,
which, when closed, will further bolster the Company's balance
sheet and strengthen our long-term investment in R&D and
manufacturing capabilities," said Mr. Chris
Boehmler, Chief Financial Officer (CFO) of QCi. "These
additional funds will further support the operational ramp-up of
our TFLN Photonic Chip Foundry in Tempe,
Arizona, enabling the Company to drive revenue generation,
scale production, and accelerate the advancement of our
high-performance computing products, including our Dirac line of
quantum optimization machines and our reservoir computers."
Titan Partners Group, a division of American Capital Partners,
is acting as the sole placement agent for the offerings.
The securities in the registered direct offering described above
are being offered pursuant to an effective shelf registration
statement on Form S-3 (File No. 333-268064) previously filed with
the U.S. Securities and Exchange Commission (the "SEC") and
declared effective on November 8,
2022. The offering of securities in the registered direct
offering is made only by means of a prospectus, and includes a
prospectus supplement, forming a part of the effective registration
statement. A final prospectus supplement and accompanying
prospectus related to the registered direct offering will be filed
with the SEC and will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the final prospectus
supplement and accompanying prospectus may be obtained, when
available, by contacting Titan Partners Group LLC, a division of
American Capital Partners, LLC, 4 World Trade Center, 29th Floor,
New York, NY 10007, by phone at
(929) 833-1246 or by email at
prospectus@titanpartnersgrp.com.
The securities issued in the concurrent 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 concurrent 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.
About Quantum Computing Inc.
Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq:
QUBT) 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 offer
distinctive capabilities in the areas of high-performance
computing, artificial intelligence, 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 (including
our Dirac line of quantum optimization machines and our reservoir
computers), 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.