01:06 PM EST, 12/11/2024 (MT Newswires) -- Quantum-Si (QSI) shares fell 12% in recent trading Wednesday after the company disclosed plans to sell up to $75 million of shares via an at-the-market offering program.

The company said it had hired Canaccord Genuity as sales agent in the program, while simultaneously terminating its prior equity distribution agreement with Evercore Group.

The company said that at an assumed price of $2.26 per share, it expected to issue 155,961,192 class A shares to raise $75 million.

Quantum-Si said it would use proceeds from the sale to fund future product developments.

Price: 1.99, Change: -0.27, Percent Change: -11.95