Quantum Computing (QUBT) Slashes 13% on $500-Million Share Sale

We recently published 10 Stocks Lost This Big While Wall Street Celebrates. Quantum Computing Inc. (NASDAQ:QUBT) is one of the worst performers on Monday.

Quantum Computing snapped a four-day winning streak on Monday, losing 13.15 percent to end at $20.21 apiece after announcing a $500 million share sale that could result in the potential dilution of existing shares.

In a statement, Quantum Computing Inc. (NASDAQ:QUBT) said it entered into a share purchase agreement with institutional investors for the purchase of more than 26.8 million common shares for $500 million, or equivalent to $18.6 per share.

Photo by Anton Maksimov juvnsky on Unsplash

The offer is expected to close on Wednesday, September 24, subject to the satisfaction of customary closing conditions.

Quantum Computing Inc. (NASDAQ:QUBT) said it plans to use the proceeds to accelerate commercialization efforts, strategic acquisitions, expand sales and engineering personnel, working capital, and general corporate purposes.

“This successful $500 million offering, led by strong support from both new and existing leading institutional investors, is priced at a substantial premium to our four recent offerings, bringing our total gross capital raised since November 2024 to approximately $900 million,” said Quantum Computing Inc. (NASDAQ:QUBT) Chairman and CEO Yuping Huang.

“This financing further fortifies our financial position and enables us to execute our multi-year growth plan, including the acceleration of commercialization efforts, strategic acquisitions, the expansion of sales and engineering personnel, and the strengthening of our manufacturing capabilities,” he noted.

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Disclosure: None. This article is originally published at Insider Monkey.