By Katherine Hamilton
Shares of Quantum-Si declined after the company said it entered into a stock buyback agreement with a group of institutional investors that is expected to raise about $50 million.
The protein sequencing company's stock fell 14% to $3.69 in after-hours trading on Friday. The shares closed the market session up less than 1%, and have more than doubled in price in the past 12 months.
Quantum-Si expects to purchase and sell about 15.6 million shares of common stock at $3.20 a per share, the company said. Net proceeds are expected to be use for working capital and general corporate purposes.
The offering is set to close on Jan. 6.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
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January 03, 2025 17:24 ET (22:24 GMT)
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