BUZZ-Quantum Computing tumbles on deep-discounted equity raise

** Quantum Computing Inc's QUBT.O shares down 16% at $6.40 on Weds after raising equity at a steep discount

** Hoboken, New Jersey-based firm late Tues said sold 1.54 mln shares to institutional investors in registered direct offering, and sold additional 8.46 mln shares in concurrent private placement for $50 mln gross proceeds

** Offering price of $5 represents ~34% discount to stock's last close of $7.62

** With anticipated net proceeds, co said expects to have sufficient resources to continue advancing quantum technologies, including initial build out and potential expansion of its thin film lithium niobate (TFLN) photonic chip foundry in Tempe, Arizona, which remains on track for completion in Q1 2025

** Co has ~118.2 mln shares outstanding for about $760 mln market cap, and ~91.9 mln shares of public float, according to LSEG data

** QUBT and other quantum-computing stocks caught a bid in Nov after Amazon's AMZN.O cloud unit, AWS, announced its Quantum Embark advisory program

** On Mon, Google parent Alphabet GOOGL.O unveiled a new generation chip called Willow that co said helped overcome key challenge in quantum computing

** QUBT shares ended Oct at $1.12 and had traded as low as 35 cents/sh in Jul this year

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))