Zinger Key Points
- Quantum Computing registers 8.96 million shares for resale by Selling Stockholders.
- Quantum Computing recently secured a NASA contract to apply its Dirac-3 technology for advanced imaging and data processing.
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Quantum Computing Inc. QUBT shares are trading higher on Friday.
In an exchange filing dated December 20, Quantum Computing has registered up to 8.96 million shares for resale by selling stockholders.
The company will not receive any proceeds from the sale of shares by the selling stockholders; however, if the placement agent warrants are exercised in full, it will receive up to approximately $2.9 million in gross proceeds.
Earlier this week, the company announced that it was awarded a prime contract by NASA to apply Dirac-3 for imaging and data processing support.
The contract, awarded by NASA’s Goddard Space Flight Center, involves using Quantum Computing’s entropy quantum optimization machine, Dirac-3, to tackle advanced imaging challenges.
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The company says Dirac-3 will address a complex phase unwrapping issue for reconstructing images and extracting radar-generated interferometric data, aiming to enhance data quality and accuracy.
CEO William McGann expressed pride in supporting NASA’s mission to process vast imaging data efficiently. The project will compare Dirac-3’s quantum optimization capabilities with classical algorithms.
On December 11, the firm announced a significant step in strengthening its financial position through a dual securities offering.
The company entered into securities purchase agreements to sell a total of 10 million shares of common stock.
Of these, 1.54 million shares will be sold at a price of $5.00 per share in a registered direct offering with institutional investors, while the remaining 8.46 million shares will be sold in a concurrent private placement at the same price.
The combined offerings are expected to generate gross proceeds of $50 million, before expenses, with the closing anticipated on December 12, 2024, pending customary conditions.
Price Action: QUBT shares are trading higher by 9.46% to $16.50 at last check Thursday.
Image via Shutterstock.
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