IONQ - IonQ files for $500M mixed shelf CFO emphasizes it is for potential M&A

2023-11-09 18:59:45 ET

IonQ ( NYSE: IONQ ) on Thursday filed for a $500M mixed shelf, a day after the quantum computer maker announced its intention to do so in its quarterly results.

The prospectus may include common stock, preferred stock, debt securities, warrants, depositary shares, subscription rights, purchase contracts, and units.

"The company has no foreseeable needs to raise and use additional capital at this time, however would like to maintain the optionality to raise additional capital to fund strategic growth and M&A opportunities in the near to medium term," IONQ said in its Q3 earnings report after hours on Wednesday.

IonQ ( IONQ ) raised its full year revenue and bookings guidance but also reported a sequential quarterly fall in the latter. The company has developed a current generation quantum computer called IonQ Forte, which has a capacity of 29 algorithmic qubits.

IONQ CFO Thomas Kramer on the earnings conference call on Wednesday emphasized that the filing was not due to a need for funds and was instead for potential "opportunities for strategic" mergers and acquisitions.

"We are comfortable with our cash balance, but want to maintain the optionality to raise additional capital to fund M&A and strategic growth," the finance chief said.

"And it is just something that we want to have in place for if and when it becomes appropriate," Kramer added.

IonQ ( IONQ ) stock earlier closed 1.6% lower at $11.23.

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• Ionq: No Scaling Out Of A Unprofitability Problem
• IonQ Stock Has Already Increased Enough To Represent Its Achievements
• IonQ's co-founder and chief scientist Chris Monroe to depart the company
• Seeking Alpha's Quant Rating on IonQ

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