Quantum Computing Inc. Announces Registered Direct Offering of Common Stock

On November 14, 2024, Quantum Computing Inc. (NASDAQ:QUBT) disclosed in a recent 8-K filing with the Securities and Exchange Commission that it has entered into securities purchase agreements, issuing an aggregate of 16,000,000 shares of common stock at a purchase price of $2.50 per share. This offering results in gross proceeds of $40 million, before the deduction of placement agent commissions and other offering expenses. The closing of this offering is anticipated to take place on or about November 18, 2024, depending on meeting customary closing conditions.

According to the filings, Quantum Computing Inc. will abide by certain restrictions post-offering. Specifically, the company has agreed not to issue any shares of common stock or common stock equivalents for a period of 45 days following the offering’s closing without the consent of the Purchasers, except under specific customary circumstances.

In addition to the securities purchase agreements, the company has also engaged Titan Partners Group LLC as the exclusive placement agent. Quantum Computing Inc. will compensate the Placement Agent with a cash fee of 7.25% of the gross proceeds from the offering, along with issuing warrants representing 5% of the securities sold in the offering to the Placement Agent. These warrants will be exercisable starting May 13, 2025, with an initial exercise price of $2.875 per share of common stock. The Placement Agent will also receive reimbursement of up to $100,000 for expenses related to the offering.

The company’s directors and executive officers have agreed to lock-up restrictions for 45 days post-offering, refraining from selling any common stock or related securities, as per the Lock-Up Agreement disclosed in the filing.

The 8-K filing discloses that the shares of common stock to be issued, along with warrants to the Placement Agent, will be associated with a prospectus supplement filed with the Securities and Exchange Commission, in line with a takedown from the company’s shelf registration statement on Form S-3 (File No. 333-268064).

Investors and stakeholders are advised to refer to the detailed agreements and documents included in the filing for a comprehensive overview of the terms and conditions governing these transactions.

This news comes after Quantum Computing Inc. recently issued a press release detailing the offering, signaling a strategic move for the company’s financial positioning and potentially future developments in the quantum computing sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Quantum Computing’s 8K filing here.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.