Quantum Computing (NASDAQ:QUBT) shares slipped 3.5% in premarket trading on Thursday after it disclosed that its previously authorized $500M private placement of common stock has closed.
The price placement and sale of 26.867M shares resulted in the gross proceeds of $500M for the company, before expenses. Quantum said it will use the net proceeds for general corporate purposes, including strategic acquisitions.
“This successful $500 million offering, backed by strong support from both new and existing top-tier institutional investors, was priced at a significant premium compared to our four recent offerings,” said Dr. Yuping Huang, CEO and Chairman of the Board of Quantum Computing in a statement. “With this transaction, we have raised approximately $900 million in gross proceeds since November 2024. This additional funding further strengthens our balance sheet and positions us to advance our multi-year growth strategy of accelerating commercialization, pursuing strategic acquisitions, expanding our sales and engineering teams, and enhancing our manufacturing capabilities.”
Shares of the Hoboken, N.J.-based company have risen nearly 30% year-to-date, amid an increase in quantum computing companies.