((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
December 11 –
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** The Hoboken, New Jersey-based company said Tuesday it sold () 1.54 million shares to institutional investors in a registered direct offering, and sold an additional 8.46 million shares in in a concurrent private placement for gross proceeds of $50 million
**The $5 offering price represents a ~34% discount to the stock’s last close of $7.62
** With the anticipated net proceeds, Co expects to have sufficient resources to continue advancing quantum technologies, including the initial construction and potential expansion of its lithium niobate thin-film photonic chip foundry ( TFLN) in Tempe, Arizona, which remains on track for completion in the first quarter of 2025
**The company has ~118.2 million shares outstanding for a market cap of approximately $760 million, and ~91.9 million shares in the float, according to LSEG data
** QUBT and other quantum computing stocks went into bidding in November after Amazon AMZN.O ‘s cloud unit AWS announced () its Quantum Embark consulting program
** On Monday, Alphabet GOOGL.O , Google’s parent company, unveiled () a new generation of chip called Willow that the company says helps overcome key challenges in quantum computing
** QUBT shares ended October at $1.12 and traded as high as 35 cents/sh in July this year
Canada
