BUZZ - Quantum computing company IonQ shares fall after completing $2 billions financing

October 14 - ** Quantum computing company IonQ (IONQ.N) saw its pre-market shares fall 4.7% to $33.10 on Wednesday after announcing the completion of a $2 billion equity financing.

** Headquartered in College Park, Maryland, IONQ sold 20.5 million shares at $40 per share (link), along with pre-funded warrants to purchase an additional 29.5 million shares.

** IONQ shares fell 4.3% on Tuesday, closing at $34.73, marking a 23% decline year to date.

** The company also sold 7-year warrants for the potential purchase of approximately 100 million additional shares. The exercise price for the warrants is $69.46, double the previous trading day's closing price.

** The securities offered in this issuance will be purchased by Heights Capital Management through exclusive underwriter JPMorgan.

** According to the prospectus, the company plans to use the net proceeds from this offering for working capital and other general purposes, and may use part of the funds for strategic acquisitions and partnerships (link).

** As of October 13, the company had approximately 408.9 million shares outstanding.

** The fundraising comes just days after IONQ announced plans to acquire its private cybersecurity company Elisity for up to $1.3 billion (link).

** According to LSEG data, 12 out of 15 analysts rate the stock as “strong buy” or “buy,” with 3 rating it as “hold.” The median target price is $65.

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