Quantum Computing Inc. ( QUBT ) shares are trading higher on Friday.

In an exchange filing dated December 20, Quantum Computing ( QUBT ) has registered up to 8.96 million shares for resale by selling stockholders.

The company will not receive any proceeds from the sale of shares by the selling stockholders; however, if the placement agent warrants are exercised in full, it will receive up to approximately $2.9 million in gross proceeds.

Earlier this week, the company announced that it was awarded a prime contract by NASA to apply Dirac-3 for imaging and data processing support.

The contract, awarded by NASA’s Goddard Space Flight Center, involves using Quantum Computing’s entropy quantum optimization machine, Dirac-3, to tackle advanced imaging challenges.

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The company says Dirac-3 will address a complex phase unwrapping issue for reconstructing images and extracting radar-generated interferometric data, aiming to enhance data quality and accuracy.

CEO William McGann expressed pride in supporting NASA’s mission to process vast imaging data efficiently. The project will compare Dirac-3’s quantum optimization capabilities with classical algorithms.

On December 11, the firm announced a significant step in strengthening its financial position through a dual securities offering.

The company entered into securities purchase agreements to sell a total of 10 million shares of common stock.

Of these, 1.54 million shares will be sold at a price of $5.00 per share in a registered direct offering with institutional investors, while the remaining 8.46 million shares will be sold in a concurrent private placement at the same price.

The combined offerings are expected to generate gross proceeds of $50 million, before expenses, with the closing anticipated on December 12, 2024, pending customary conditions.

Price Action: QUBT shares are trading higher by 9.46% to $16.50 at last check Thursday.

Image via Shutterstock.

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