QCI Completes Financing Transaction for Net $7,500,000
LEESBURG, Va., Sept. 28, 2022 (GLOBE NEWSWIRE) — Quantum Computing Inc.. (QCI) (NASDAQ: QUBT), a leader in accessible quantum computing, closed a financing transaction with an accredited family office investor that provided QCI with net proceeds of $7.5 million. The transaction was structured as a non-convertible, unsecured term loan in the principal amount of $8,250,000 (the “Loan”). The loan bears interest at 10% per annum and matures on March 23, 2024.
“Our management team and Board of Directors have evaluated several financing alternatives, and given current market conditions and our confidence in QCI’s future, we have selected a non-convertible, non-convertible term loan structure. collateral to provide funds for growth and working capital,” Robert said. Liscouski, CEO of QCI. “We believe the financing we have completed provides QCI with the best opportunity to fund our growth initiatives as we enter the fourth quarter of this year and 2023. With this financing, combined with our recent launch of our Dirac-1 subscription, we are confident. that QCI will be able to execute for the future to deliver real value to end users.
As indicated in the Letter to Shareholders dated August 25, 2022, available on the company’s Investor Relations website hereQCI expects to accomplish the following over the next 12 months:
- Expand its technical solutions offerings to other areas that will benefit from Dirac-1.
- Commercialize its quantum LiDAR technology.
- Deploy its quantum cybersecurity solutions by commercializing its quantum network and authentication capabilities.
- Deploy its quantum solutions to US government customers.
- Expand the deployment of its quantum solutions to state government customers.
- Expand its technical team.
- Developing its technical solutions and sales teams.
This announcement is neither an offer to sell nor a solicitation of an offer to buy securities and does not constitute an offer to sell or a solicitation of an offer to buy or a sale of securities in any jurisdiction in which such offer, solicitation or sale is unlawful.
Ascendant Capital Markets, LLC and Revere Securities, LLC served as placement agents for the transaction.
For further details on the financing transaction, please see QCI’s current report on Form 8-K filed with the Securities and Exchange Commission on September 28, 2022.
About Quantum Computing Inc.
Quantum Computing Inc. (QCI) (NASDAQ: QUBT) is a full-stack quantum software and hardware company whose mission is to accelerate the value of quantum computing for real-world industrial applications, delivering the future quantum computing today. The combination of QCI’s off-the-shelf flagship software, Qatalyst with its industry-leading Entropic Quantum Computing (EQC) system, Dirac 1, provides a widely accessible and affordable enterprise quantum solution that can solve real business problems right now. QCI’s team of finance, IT, security, math and physics experts has over a century of combined experience with complex technologies; from cutting-edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information on QCI, visit www.quantumcomputinginc.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of 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. These statements include statements regarding the intention, belief or current expectations of Quantum Computing Inc. (the “Company”) and its management, and the assumptions on which such statements are based. Potential investors are cautioned that these 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 these forward-looking statements.
The Company undertakes no obligation to update or revise any forward-looking statements to reflect changed terms. 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. may contain certain forward-looking statements. regarding anticipated or projected future plans, performance and developments, and other statements regarding future operations and results. All statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “aim”, “aim”, “seek” , “attempts”, “aims 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 the Company’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors that may be described from time to time in filings by the company with the SEC.
Qatalyst™ is the trademark of Quantum Computing Inc. All other trademarks are the property of their respective owners.
Robert Liscouski, CEO
Quantum Computing, Inc.
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