Quantum Technologies Inc. (Nasdaq: QTWW) plans to sell 6.1 million shares of company stock and warrants in a $10 million private placement. Shares will be sold to institutional investors at $1.64 each, a 20% discount to the stock’s closing price of $2.05 on Friday.
After the news, QTWW’s shares sunk 14.6% – close to the 52-week low of $1.73.
The sale includes 2.1 million in warrants for company stock, exercisable six months from closing for a period of seven years at $2.36 per share.
The company presently has about 58.2 million shares outstanding.
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