Quantum Computing, Inc. Secures $100 Million in Private Placement of Common Stock

Quantum Computing, Inc. (QCi), a pioneering integrated photonics and quantum optics technology company, has announced a significant private placement of common stock, raising $100 million in gross proceeds. This strategic move bolsters QCi's financial stability and positions the company for future growth and success in the quantum computing industry.

The private placement involved the sale of 8,460,000 shares of common stock at a price of $5.00 per share, resulting in gross proceeds of $42.3 million. This offering was conducted at a higher price than the previous registered direct offering of $2.50 per share, indicating an increase in QCi's valuation and investor confidence in the company's prospects.

QCi plans to use the net proceeds from the offering for working capital and general corporate purposes, with a focus on advancing the development of its quantum technologies. Specifically, the company aims to support the operational ramp-up of its U.S.-based thin film lithium niobate (TFLN) Photonic Chip Foundry in Tempe, Arizona, which is expected to complete in Q1 2025. This initiative aligns with QCi's long-term business objective of driving revenue generation, scaling production, and accelerating the advancement of its high-performance computing products, including its Dirac line of quantum optimization machines and reservoir computers.

By securing this substantial investment, QCi strengthens its balance sheet and demonstrates a commitment to long-term research and development efforts. This strategic move enables the company to drive revenue generation, scale production, and accelerate the advancement of its high-performance computing products, ultimately positioning QCi for future success in the competitive quantum computing market.

In conclusion, Quantum Computing, Inc.'s private placement of common stock for proceeds of $100 million signals a positive outlook for the company's future prospects. With a focus on advancing its quantum technologies and expanding its U.S.-based TFLN Photonic Chip Foundry, QCi is well-positioned to capitalize on the growing demand for quantum computing solutions. Investors should consider the potential benefits of this strategic move and the company's commitment to long-term growth and success in the quantum computing industry.