Quantum Computing Inc. (NASDAQ:QUBT) shares are declining premarket on Friday. Yesterday, the company disclosed a securities purchase agreement to sell 16 million shares of common stock at $2.50 per share in a registered direct offering.

The company expects to generate gross proceeds of $40 million. The offering, priced at-the-market under Nasdaq rules, is expected to close on or around November 18, 2024, pending customary closing conditions.

The company plans to use the net proceeds from the offering 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, marking a milestone for its foundry services.

This month, Quantum Computing reported third-quater GAAP loss per share of $0.06, an improvement from a loss of $0.10 year-over-year. However, sales totaled $101,000, missing the $300,000 estimate.

Price Action: QUBT shares are down 30.9% at $3.04 premarket at the last check Friday.

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This article Quantum Computing Dives After $40M Stock Offering – What’s Going On? originally appeared on Benzinga.com

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