By Connor Hart
Shares of Quantum Computing tumbled Wednesday after the company said it would sell about 10 million of its shares, using the anticipated $50 million in proceeds for working capital and general corporate purposes.
The stock fell 16% to $6.41 in midday trading. Shares have surged since the beginning of the year, up 574%.
The Hoboken, N.J., company said it has entered securities purchase agreements with institutional investors to sell more than 1.5 million shares of its common stock at $5 each in a registered direct offering.
Concurrently, the company will sell an additional roughly 8.5 million shares, also at $5 apiece, in a private placement.
The offerings, both of which are expected to close on or around Thursday, are expected to result in proceeds of $50 million, minus offering expenses. The company will use these proceeds for working capital and general corporate purposes, allowing it to continue advancing the development of its quantum technologies, it said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 11, 2024 11:53 ET (16:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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