Stock Track | Rigetti Computing Plummets 7.23% Intraday After Subsidiary Signs Costly Berkeley Sublease

Stock Track04-22

Rigetti Computing's stock plummeted 7.23% intraday on Tuesday, as investors reacted negatively to news of significant new financial commitments by the company.

The sharp decline followed the announcement that Rigetti's subsidiary, Rigetti & Co, signed a sublease for approximately 12,543 square feet of office and laboratory space in Berkeley, California. The agreement, which runs through November 2029, requires monthly base rent starting at $38,111.91 and increasing to $41,645.91 in the fourth year, plus a $50,000 security deposit and responsibility for 11.19% of taxes, insurance, and operating expenses.

Market participants appeared to interpret the substantial lease commitment as adding to the company's operational costs and cash burn, potentially delaying profitability milestones in the competitive quantum computing sector.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment