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