Quantum Computing (NASDAQ:QUBT) said on Sunday that it has entered into securities purchase agreements with institutional investors for the purchase and sale of 26.9M shares of common stock in an oversubscribed private placement priced at the market under Nasdaq rules.
The offering is expected to result in gross proceeds of $500M, before deducting offering expenses.
Participants in the private placement include several large existing shareholders alongside a first-time investment from a preeminent global alternative asset manager.
The company intends to use the net proceeds from the offering to accelerate commercialization efforts, strategic acquisitions, expand sales and engineering personnel, working capital, and general corporate purposes.
