HOBOKEN, NJ, December 10, 2024 -- Quantum Computing Inc. (“QCi” or the “Company”), an innovative, integrated photonics and quantum optics technology company, today announced that it has entered into securities purchase agreements with institutional investors for the purchase and sale of 1,540,000 shares of common stock at a purchase price of $5.00 per share, pursuant to a registered direct offering. In a concurrent private placement, the Company entered into securities purchase agreements for the purchase and sale of an additional 8,460,000 shares of its common stock at the same price. The offerings are expected to result in aggregate gross proceeds of $50 million, before deducting offering expenses. The closing of the offerings is expected to occur on or about December 12, 2024, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the offerings for working capital and general corporate purposes. With the anticipated net proceeds, combined with existing cash reserves, the Company expects to have sufficient resources to continue advancing the development of its quantum technologies, including not only the initial buildout but also the potential expansion of its U.S.-based thin film lithium niobate (TFLN) Photonic Chip Foundry in Tempe, Arizona, which remains on track for completion in Q1 2025.

“We are pleased to have successfully priced these offerings, which, when closed, will further bolster the Company’s balance sheet and strengthen our long-term investment in R&D and manufacturing capabilities,” said Mr. Chris Boehmler, Chief Financial Officer (CFO) of QCi. “These additional funds will further support the operational ramp-up of our TFLN Photonic Chip Foundry in Tempe, Arizona, enabling the Company to drive revenue generation, scale production, and accelerate the advancement of our high-performance computing products, including our Dirac line of quantum optimization machines and our reservoir computers.”

Titan Partners Group, a division of American Capital Partners, is acting as the sole placement agent for the offerings.