Quantum Computing prices $750M private placement at market

Quantum Computing (QUBT) announced that it has entered into securities purchase agreements with institutional investors for the purchase and sale of 37,183,937 shares of common stock in an “oversubscribed” private placement priced at the market. The offering is expected to result in gross proceeds of $750M, before deducting offering expenses. The closing of the offering is expected to occur on or about October 8. The company intends to use the proceeds to “fully fund commercialization, pursue strategic acquisitions, establish volume production capabilities, expand sales and engineering personnel, working capital, and general corporate purposes.” Titan Partners Group, a division of American Capital Partners, is acting as the sole placement agent for the offering. Shares of Quantum Computing are down 15%, or $3.63, to $20.99 in premarket trading.