Quantum Computing Inc. (NASDAQ:QUBT) shares are falling premarket on Friday. Yesterday, the company announced a securities purchase agreement to sell 16 million shares of its common stock at $2.50 per share in a registered direct offering.
The company expects to generate gross revenues of $40 million. The offering, which will be priced under Nasdaq market rules, is expected to close on or about November 18, 2024, pending customary closing conditions.
The Company intends to use the net proceeds from the offering for debt repayment, working capital and general corporate purposes.
This week, the company announced its first order for thin-film lithium niobate (TFLN) photonic chip technology, marking a milestone for its foundry services.
This month, Quantum Computing reported a third-quarter GAAP loss per share of $0.06, an improvement from a loss of $0.10 year-over-year. However, sales totaled $101,000, missing the $300,000 estimate.
Price promotion: QUBT shares are down 30.9% to $3.04 premarket at last check Friday.
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This article Quantum Computing Plunges After $40 Million Stock Offering – What’s Going On? originally appeared on Benzinga.com
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