Rigetti Announces Successful Completion of $100 Million At-the-Market Equity Offering
November 25 2024 - 8:00AM
Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the
“Company”), a pioneer in full-stack quantum-classical computing,
today announced that it has successfully completed sales of $100
million gross proceeds of its common stock pursuant to its
previously disclosed "at-the-market" equity offering program (the
“ATM Program”) since the commencement of the ATM Program in March
2024. The Company intends to use the funds generated by the ATM
Program for working capital, capital expenditures and other general
corporate purposes, including continuing to focus on its strategy
as a leader in superconducting quantum computing and continuing to
work to improve its 2-qubit gate fidelity and scale towards higher
qubit count systems.
“We are pleased to see the enthusiasm for the quantum computing
sector and our company. We are seeing a great deal of interest from
national labs and academic institutions for on-premises quantum
computers to pursue hands-on R&D. As the technology continues
to improve and more quantum applications are developed we expect to
see increasingly more interest from industry and the private
sector,” says Dr. Subodh Kulkarni, Rigetti CEO.
“Rigetti’s system gate speeds consistently achieve an active
duration of 60-80ns, which is several orders of magnitude faster
than other modalities such as ion traps and neutral atoms. We
believe our cash, cash equivalents and marketable securities are
sufficient to support our operations as currently planned through
the end of 2026, and we will continue to evaluate our needs for
additional funding on an ongoing basis to enable us to continue to
be a leader in this exciting space,” Dr. Kulkarni added.
About RigettiRigetti is a pioneer in full-stack
quantum computing. The Company has operated quantum computers over
the cloud since 2017 and serves global enterprise, government, and
research clients through its Rigetti Quantum Cloud Services
platform. The Company’s proprietary quantum-classical
infrastructure provides high performance integration with public
and private clouds for practical quantum computing. Rigetti has
developed the industry’s first multi-chip quantum processor for
scalable quantum computing systems. The Company designs and
manufactures its chips in-house at Fab-1, the industry’s first
dedicated and integrated quantum device manufacturing facility.
Learn more at www.rigetti.com.
Rigetti Computing Media
Contact:press@rigetti.com
Cautionary Language Concerning Forward-Looking
StatementsCertain statements in this communication may be
considered “forward-looking statements” within the meaning of the
federal securities laws, including statements with respect to the
Company’s expectations with respect to its future success and
performance, including expectations with respect to the sufficiency
of its capital resources and use of funds, development programs,
business strategy, the relative performance of its technology,
interest in the Company and quantum computing generally, and the
potential of the Company’s business and quantum computing
generally. These forward-looking statements are based upon
estimates and assumptions that, while considered reasonable by the
Company and its management, are inherently uncertain. Factors that
may cause actual results to differ materially from current
expectations include, but are not limited to: the Company’s ability
to achieve milestones, technological advancements, including with
respect to its technology roadmap, help unlock quantum computing,
and develop practical applications; the ability of the Company to
obtain government contracts successfully and in a timely manner and
the availability of government funding; the potential of quantum
computing; the ability of the Company to expand its QPU sales and
the Novera QPU Partnership Program; the success of the Company’s
partnerships and collaborations; the Company’s ability to
accelerate its development of multiple generations of quantum
processors; the outcome of any legal proceedings that may be
instituted against the Company or others; the ability to maintain
relationships with customers and suppliers and attract and retain
management and key employees; costs related to operating as a
public company; changes in applicable laws or regulations; the
possibility that the Company may be adversely affected by other
economic, business, or competitive factors; the Company’s estimates
of expenses and profitability; the evolution of the markets in
which the Company competes; the ability of the Company to implement
its strategic initiatives, expansion plans and continue to innovate
its existing services; the expected use of proceeds from the
Company’s past and future financings or other capital; the
sufficiency of the Company’s capital resources and the potential
for such resources to be used sooner than currently expected;
unfavorable conditions in the Company’s industry, the global
economy or global supply chain, including financial and credit
market fluctuations and uncertainty, rising inflation and interest
rates, disruptions in banking systems, increased costs,
international trade relations, political turmoil, natural
catastrophes, warfare (such as the ongoing military conflict
between Russia and Ukraine and related sanctions and the state of
war between Israel, Hamas and Hezbollah and related threat of a
larger conflict), and terrorist attacks; the Company’s ability to
maintain compliance with the continued listing standards of the
Nasdaq Capital Market; and other risks and uncertainties set forth
in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2023 and
Quarterly Report on Form 10-Q for the quarter ended September 30,
2024, and other documents filed by the Company from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and the Company assumes no obligation
and does not intend to update or revise these forward-looking
statements other than as required by applicable law. The Company
does not give any assurance that it will achieve its
expectations.
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