LEESBURG, Va., Sept. 28, 2022 (GLOBE NEWSWIRE) — Quantum Computing Inc. (QCI) QUBT, a leader in accessible quantum computing, has closed a financing transaction with an accredited family office investor, resulting in net proceeds of $7.5 million for QCI. The Transaction was structured as a non-convertible unsecured term loan with a principal amount of $8,250,000 (the “Loan”). The loan bears interest at a rate of 10% per annum and matures on March 23, 2024.
“Our management team and Board of Directors have evaluated multiple financing alternatives and given current market conditions and our belief in QCI’s future, we have selected a non-convertible, unsecured loan structure to provide funds for growth and working capital,” said Robert Liscouski, CEO by QCI. “We believe the financing we have completed provides QCI with the best opportunity to fund our growth initiatives as we move into the fourth quarter of this year and into 2023. With this funding, combined with our recent release of our Dirac 1 subscription service, we are confident that QCI will be able to do so going forward to bring real value to end users.”
As described in the Letter to Shareholders dated August 25, 2022 which is available on the Company’s Investor Relations website hereQCI plans to achieve the following over the next 12 months:
- Expanding its range of technical solutions to other areas that will benefit from Dirac-1.
- Commercialization of its quantum LiDAR technology.
- Providing its quantum cybersecurity solutions by commercializing its quantum network and authentication capabilities.
- Providing its quantum solutions to US government customers.
- Expand the deployment of its quantum solutions to state government customers.
- Expand his technical team.
- Expand its technical solutions and sales teams.
This announcement is not an offer to sell or the solicitation of an offer to buy any securities and does not constitute an offer to sell or the solicitation of an offer to buy or sell any securities in any jurisdiction where…
