03:59 AM EST, 01/08/2025 (MT Newswires) -- Quantum Computing ( QUBT ) said late Tuesday it has agreed with institutional investors to sell about 8.2 million shares at $12.25 per share in a private placement.

The offering, scheduled to close on Thursday, is expected to raise $100 million in gross proceeds.

The company said it plans to use the net proceeds for working capital and general corporate purposes.

Combined with existing cash reserves, the company has sufficient funds to continue advancing its development and manufacturing of photonics, thin-film lithium niobate, and quantum technologies, Quantum Computing ( QUBT ) said.