By Dean Seal
Shares of Quantum Computing plunged after the company launched a registered direct offering of shares at a price well below their Thursday close.
The stock was down 30% at $2.09 in premarket trading. Shares have still nearly quadrupled since the start of the year.
The Hoboken, N.J., software company said Thursday night that it has agreed to sell 16 million shares at an aggregate price of $2.50 a share. Shares closed the market that day nearly $2 higher at $4.40.
The offering is expected to result in proceeds of $40 million and close on Nov. 18.
Quantum said it would use the proceeds for repaying debt, working capital and general corporate purposes.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
November 15, 2024 07:01 ET (12:01 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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