Rigetti Shares Skyrocket on Successful $100M Offering

Dow Jones11-25 22:51

By Sarina Isaacs

Shares of Rigetti Computing surged after the company said it had successfully completed a sale of $100 million in common stock via an "at-the-market" equity offering.

Shares gained about 70% to $2.96, and earlier hit a new 52-week high at $2.98.

The Berkeley, Calif.-based quantum-computing company said on Monday that it would use proceeds from the offering for working capital, capital expenditures, and other corporate purposes.

Chief Executive Dr. Subodh Kulkarni said he believes the funds should support Rigetti's operations through the end of 2026, and that he expects to see increasing interest in the quantum computing sector as the technology improves.

Write to Sarina Isaacs at sarina.isaacs@wsj.com

(END) Dow Jones Newswires

November 25, 2024 09:51 ET (14:51 GMT)

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