Quantum Computing Inc. Files $25M At-The-Market Issuance Sales Agreement

Rhea-AI Summary

Quantum Computing Inc. (QUBT) announced an At-The-Market Issuance Sales Agreement on December 5, 2022, allowing it to raise up to $25 million in common stock at its discretion. This strategic move aims to enhance the company's balance sheet and provide flexibility for capital raising during market challenges. CEO Robert Liscouski emphasized that this approach enables sales at prevailing market prices, helping support their strategic growth plan.

Positive

• Ability to raise up to $25 million without discounts or warrants.
• Provides flexibility for future capital raising amid challenging markets.
• Supports strategic growth initiatives.

Negative

• None.

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 full stack quantum solutions, today announced that on December 5, 2022, Quantum Computing Inc. (“QCI” or the “Company”) entered into an At-The-Market Issuance Sales Agreement (the “Sales Agreement”) with Ascendiant Capital Markets, LLC (“Ascendiant”) under which the Company may offer and sell, from time to time at its sole discretion, shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), with aggregate gross sales proceeds of up to $25,000,000. Ascendiant is acting as sales agent for the “at the market” equity offering program.

Under the Sales Agreement, the Company will set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitations on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Sales Agreement, Ascendiant may sell the shares by methods deemed to be an “At-The-Market” offering 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 for the Company’s common stock.

“Our At-the-Market facility was put in place to give us the flexibility to raise capital on a discretionary basis and to strengthen our balance sheet in a highly efficient manner during challenging market conditions. Many publicly traded companies have implemented an At-the-Market program and they are a well established, cost-effective means to enable the Company to raise equity capital, on a discretionary basis and over time, to support our strategic growth plan,” stated Robert Liscouski, QCI CEO. “At-the-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 At-the-Market offering in an aggregate amount up to $25,000,000, but the Company is NOT required to sell any shares,” he added.

For more information about QCI and its full stack 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 on a mission to accelerate the value of quantum computing for real-world industry applications, delivering the future of quantum computing, today. The combination of QCI’s flagship ready-to-run software product, Qatalyst with its industry-leading Entropy Quantum Computing (EQC) system, Dirac 1, provides a broadly accessible and affordable enterprise quantum solution capable of solving real business problems now. QCI’s expert team in finance, computing, security, mathematics and physics has over a century of combined experience with complex technologies; from leading edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visit www.quantumcomputinginc.com.

Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined within 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. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the “Company”), and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such 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 such forward-looking statements.

The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. 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. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” “aim 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 in the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company’s filings with the SEC.

Qatalyst™ is the trademark of Quantum Computing Inc. All other trademarks are the property of their respective owners.

Company Contact:
Robert Liscouski, CEO
Quantum Computing, Inc.
+1 (703) 436-2161
Email Contact

Investor Relations Contact:
Ron Both or Grant Stude
CMA Investor Relations
+1 (949) 432-7566
Email Contact

Media Relations Contact:
Seth Menacker
Fusion Public Relations
+1 (201) 638-7561
qci@fusionpr.com

FAQ

What is the purpose of Quantum Computing Inc.'s ATM facility?

The ATM facility allows Quantum Computing Inc. to raise up to $25 million in capital on a discretionary basis to enhance its balance sheet.

When was the At-The-Market Issuance Sales Agreement announced for QUBT?

The At-The-Market Issuance Sales Agreement was announced on December 5, 2022.

What are the conditions for selling shares under the ATM agreement for Quantum Computing Inc.?

Quantum Computing Inc. sets parameters for the sale, including the number of shares, timing, and minimum price requirements.

How does Quantum Computing Inc. plan to use the funds raised from the ATM facility?

The funds will support Quantum Computing Inc.'s strategic growth plan and strengthen its balance sheet.