Quantum Computing (QUBT) said it has entered into agreements to sell about 1.5 million shares of common stock at $5 per share to institutional investors in a registered direct offering.
The company also agreed to sell an additional about 8.5 million shares at the same price in a concurrent private placement.
Total gross proceeds from the offerings are expected to be $50 million, with closing anticipated on or about Thursday.
The company said it plans to use the net proceeds for working capital and general corporate purposes.
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