Quantum-Si Inc. (QSI) shares plunged 8.62% in after-hours trading on Friday, following the company's announcement of a $50 million registered direct offering of common stock. The company plans to sell 15,625,000 shares at a price of $3.20 per share, to raise gross proceeds of approximately $50 million before deducting placement agent commissions and other expenses.
The offering, which is expected to close on or about January 6th, 2025, is being made under Quantum-Si's existing shelf registration statement. The company intends to use the net proceeds from the offering for working capital and general corporate purposes.
Direct stock offerings often put downward pressure on a company's stock price, as they dilute the value of existing shares. Investors appeared to react negatively to Quantum-Si's offering announcement, sending the stock down 8.62% in after-hours trading on Friday.
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