QCi announces $50 million concurrent stock offerings
The company plans to use the net proceeds to build out and potentially also expand its thin film lithium niobate photonic chip foundry in Tempe, Arizona, accelerating the advancements of products including its Dirac quantum optimisation machines
The integrated photonics and quantum optics company Quantum Computing Inc. (QCi) has announced that it has entered into agreements with institutional investors to sell 1,540,000 shares at a purchase price of $5.00 per share, pursuant to a registered direct offering. In a concurrent private placement, the company entered into securities purchase agreements to sell an additional 8,460,000 shares at the same price. The offerings are expected to result in aggregate gross proceeds of $50 million, before deducting offering expenses.
QCi intends to use the net proceeds from the offerings for working capital and general corporate purposes. With the anticipated net proceeds, combined with existing cash reserves, the company expects to have sufficient resources to continue advancing the development of its quantum technologies, including not only the initial buildout but also the potential expansion of its US-based thin film lithium niobate (TFLN) photonic chip foundry in Tempe, Arizona, which it says is on track for completion in Q1 2025.
“We are pleased to have successfully priced these offerings, which, when closed, will further bolster the company’s balance sheet and strengthen our long-term investment in R&D and manufacturing capabilities,” said Chris Boehmler, chief financial officer of QCi. “These additional funds will further support the operational ramp-up of our TFLN Photonic Chip Foundry in Tempe, Arizona, enabling the company to drive revenue generation, scale production, and accelerate the advancement of our high-performance computing products, including our Dirac line of quantum optimisation machines and our reservoir computers.”
Titan Partners Group, a division of American Capital Partners, is acting as the sole placement agent for the offerings.
