Quantum Bilisim Falls After $40 Million Stock Offering

Kuantum Bilgisayar A.Ş. (NASDAQ:KUBT) shares were down in premarket trading Friday. Yesterday, the company announced a securities purchase agreement to sell 16 million shares of stock at $2.50. Per share in a registered direct offering.

The company is expected to generate $40 million in gross revenue. The offering, which is priced at market under Nasdaq rules, is expected to close on or about November 18, 2024, subject to customary closing conditions.

The company plans to use the net proceeds from the IPO for debt repayment, working capital and general corporate purposes.

This week, the company announced its first secured order for thin-film lithium niobate (TFLN) photonic chip technology. marks a turning point for foundry services.

This month Quantum Computing reported third-quarter GAAP loss per share of $0.06; This is an improvement over the annual loss of $0.10. However, sales totaled $101,000. Missing $300,000 estimate.

Price Action: QUBT shares were down 30.9% to $3.04 at last check on Friday.

Image via Shutterstock

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This article Quantum Bilisim Dives After $40 Million Stock Offering – What’s Happening? originally appeared Benzinga.com

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