ATM facility put in place to provide the flexibility to raise future capital on a discretionary basis and strengthen the company’s balance sheet
LEESBURG, Va., Dec. 06 2022 (GLOBE NEWSWIRE) — Quantum Computing Inc.. (QCI) (NASDAQ: QUBT), a leader in accessible end-to-end quantum solutions, today announced that on December 5, 2022, Quantum Computing Inc. (“QCI” or the “Company”) closed an offering on the Sale Agreement (the “Sale Agreement”) with Ascendant Capital Markets, LLC (“Ascendant”) pursuant to which the Company may offer and sell, from time to time, at its sole discretion, shares of common stock in the Company, with a par value of $0.0001 per share (the “Common Shares”), with aggregate gross sale proceeds of up to $25,000,000. Ascendant is acting as the selling agent for the “at market” share offering program.
Under the terms of the sale agreement, the Company will define the parameters of the sale of shares, including the number of shares to be issued, the period during which sales are requested, limits on the number of shares that can be sold on any trading day and any minimum price below which sales cannot be made. Subject to the terms and conditions of the sale agreement, Ascendant may sell the shares by methods deemed to be an “in-the-market” offer as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including sales made through The Nasdaq Capital Market or any other trading market of the Company’s common stock.
“Our At-the-Market facility was set up to give us the flexibility to raise capital on a discretionary basis and strengthen our balance sheet very effectively in difficult market conditions. Many publicly traded companies have an At-the-Market program in place and this is a well-established and cost-effective way to enable the Company to raise equity, on a discretionary basis and over time, to support our strategic growth plan,” said Robert Liscouski, CEO of QCI. “Market offerings are attractive because sales, if any, are made at prevailing market prices, without discounts, warrants or other consideration. The Company may sell shares from time to time in accordance with the terms of the market offering for an aggregate amount of up to $25,000,000, but the Company is NOT obligated to sell any shares,” he added.
For more information about QCI and its comprehensive quantum solutions, visit www.quantumcomputinginc.com.
About Quantum Computing Inc.
Quantum Computing Inc. (QCI) (NASDAQ: QUBT) is a full-stack quantum software and hardware company whose mission is to accelerate the value of quantum computing for real-world industrial applications, delivering the future quantum computing today. The combination of QCI’s off-the-shelf flagship software, Catalyst with its industry-leading Entropic Quantum Computing (EQC) system, Dirac 1, provides a widely accessible and affordable enterprise quantum solution that can solve real business problems now. QCI’s team of finance, IT, security, math and physics experts has over a century of combined experience with complex technologies; from cutting-edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information on QCI, visit www.quantumcomputinginc.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. These statements include statements regarding the intention, belief or current expectations of Quantum Computing Inc. (the “Company”) and its management, and the assumptions on which such statements are based. Potential investors are cautioned that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by these forward-looking statements.
The Company undertakes no obligation to update or revise any forward-looking statements to reflect changed terms. Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events and, as such, all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. may contain certain forward-looking statements. regarding anticipated or projected future plans, performance and developments, and other statements regarding future operations and results. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “aim”, “aim”, “seek” , “attempts”, “aims to”, or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A of the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors that may be described from time to time in the documents filed by the company with the SECONDE.
Qatalyst™ is the trademark of Quantum Computing Inc. All other trademarks are the property of their respective owners.
Robert Liscouski, CEO
Quantum Computing, Inc.
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