Quantum Computing announces $500M oversubscribed private placement

* Quantum Computing (NASDAQ:QUBT [https://seekingalpha.com/symbol/QUBT]) said on Sunday that it has entered into securities purchase agreements [https://seekingalpha.com/pr/20239062-quantum-computing-inc-announces-500-million-oversubscribed-private-placement-of-common-stock] with institutional investors for the purchase and sale of 26.9M shares of common stock in an oversubscribed private placement priced at the market under Nasdaq rules.
* The offering is expected to result in gross proceeds of $500M, before deducting offering expenses.
* Participants in the private placement include several large existing shareholders alongside a first-time investment from a preeminent global alternative asset manager.
* The company intends to use the net proceeds from the offering to accelerate commercialization efforts, strategic acquisitions, expand sales and engineering personnel, working capital, and general corporate purposes.

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