Why Rigetti Computing, Inc. (RGTI) Crashed Last Week

We recently published a list of These 10 Stocks Just Rocked The Market. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against other stocks that just rocked the market.

Rigetti Computing slashed its week-on-week share prices by 13.6 percent as investors soured on its planned $350 million share sale that could lead to the dilution of existing shareholders’ equity.

Based on its final prospectus, Rigetti Computing, Inc. (NASDAQ:RGTI) will issue more than 317 million shares at the market to raise funds for working capital, capital expenditures, and general corporate purposes.

Rigetti Computing, Inc. (NASDAQ:RGTI) tapped Jefferies LLC as its sales agent for the offer.

A close up of an engineer typing at a quantum computing station in a modern office space.

“If you purchase shares of our common stock sold in this offering, you may experience immediate and substantial dilution in the net tangible book value of your shares,” the company said.

In the first quarter of the year, Rigetti Computing, Inc. (NASDAQ:RGTI) swung to a net income attributable to shareholders of $38.2 million versus a $20.77 million net loss in the same period last year.

Revenues, on the other hand, fell by 52 percent to $1.47 million from $3.05 million in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.

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