Non-Convertible, Unsecured Term Loan Provides Funds for Growth and Working Capital
LEESBURG, Va., Sept. 28, 2022 (GLOBE NEWSWIRE) -- Quantum Computing Inc. (QCI) (NASDAQ: QUBT), a leader in accessible quantum computing, has completed a financing transaction with an accredited, family office investor which provided net proceeds to QCI 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 accumulates interest at a rate 10% per annum and matures on March 23, 2024.
“Our management team and board of directors evaluated several financing alternatives, and given current market conditions and our belief in the future of QCI, we chose a non-convertible, unsecured term loan structure to provide funds for growth and working capital,” stated Robert Liscouski, QCI’s CEO. “We believe the financing we completed gives QCI the best opportunity to fund our growth initiatives as we move into the fourth quarter of this year and 2023. With this financing, combined with our recent release of our Dirac-1 subscription service, we are confident that QCI will be in a position to execute for the future to deliver real value to end users.”
As outlined in the Letter to Shareholders on August 25, 2022, available on the company’s investor relations website here, QCI plans to accomplish the following over the next 12 months:
- Expand its technical solutions offerings to other domains 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 U.S. government clients.
- Expand the deployment of its quantum solutions to state government clients.
- Expand its technical team.
- Expand its technical solutions and sales teams.
This announcement is neither an offer to sell nor a solicitation of an offer to buy securities and shall 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.
Ascendiant Capital Markets, LLC and Revere Securities, LLC served as the placement agents on the transaction.
For more details on the financing transaction, please refer to 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 on a mission to accelerate the value of quantum computing for real-world industry applications, delivering the future of quantum computing, today. The combination of QCI’s flagship ready-to-run software product, Qatalyst with its industry-leading Entropy Quantum Computing (EQC) system, Dirac 1, provides a broadly accessible and affordable enterprise quantum solution capable of solving real business problems now. QCI’s expert team in finance, computing, security, mathematics and physics has over a century of combined experience with complex technologies; from leading edge supercomputing, to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visit www.quantumcomputinginc.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined within 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. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the “Company”), and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such 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 such forward-looking statements.
The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. 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. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” “aim 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 as may periodically be described in the Company’s filings 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.
+1 (703) 436-2161
Investor Relations Contact:
Ron Both or Grant Stude
CMA Investor Relations
+1 (949) 432-7566
Media Relations Contact:
Fusion Public Relations
+1 (201) 638-7561
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