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HOBOKEN, N.J. - Quantum Computing Inc. (NASDAQ:QUBT), which has seen its stock surge over 3,000% in the past year according to InvestingPro data, has secured $200 million through a private placement of common stock, the company announced Monday.
The integrated photonics and quantum optics technology company said it sold 14,035,089 shares at $14.25 per share to institutional investors. The transaction is expected to close Tuesday, subject to customary closing conditions.
Following the completion of this financing, the company's total cash position is expected to exceed $350 million, according to the announcement.
QCi plans to use the proceeds to accelerate commercialization efforts, pursue strategic acquisitions, and for working capital and general corporate purposes.
Titan Partners Group, a division of American Capital Partners, served as the sole placement agent for the offering.
The shares issued in this private placement have not been registered under the Securities Act of 1933 and cannot be offered or sold in the United States without registration or an applicable exemption. QCi has agreed to file a resale registration statement with the SEC for the shares.
QCi develops quantum computing technology designed to operate at room temperature with low power requirements. The company's products focus on high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications.
The information in this article is based on a press release statement from Quantum Computing Inc.
In other recent news, Quantum Computing Inc. reported a notable earnings surprise for Q1 2025, with an earnings per share (EPS) of 11 cents, surpassing the anticipated loss of 5 cents. However, the company's revenue of $39,000 fell short of the projected $300,000. Despite the revenue miss, the company achieved a net income of $17 million, a significant improvement from the previous year. Quantum Computing Inc. also announced its inclusion in the Russell 2000 and 3000 indexes, reflecting its growing market capitalization. This inclusion is expected to increase the company's visibility among institutional investors. Additionally, Quantum Computing Inc. shipped its first commercial entangled photon source to a research institution in South Korea, marking a significant step in its technology commercialization efforts. The company is also planning to expand its operations with a second fabrication facility to meet the growing demand for its quantum computing applications. These developments indicate Quantum Computing Inc.'s continued progress in its strategic initiatives.
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