Published: Oct. 30, 2023 at 4:07 a.m. ET
By Anthony O. Goriainoff
Quantum Blockchain Technologies shares fell after the company said it will raise 2 million pounds ($2.4 million) via a discounted placing.
Shares at 0801 GMT were down 0.25 pence, or 14%, at 1.55 pence.
The…
By Anthony O. Goriainoff
Quantum Blockchain Technologies shares fell after the company said it will raise 2 million pounds ($2.4 million) via a discounted placing.
Shares at 0801 GMT were down 0.25 pence, or 14%, at 1.55 pence.
The London-listed cryptocurrency technology company said Monday that it will invest the proceeds in research and development program as well as the continuing legal claims related to legacy investments.
Quantum Blockchain said it will place 133.3 million new ordinary shares at 1.5 pence a share, representing a discount of around 18% to Friday’s closing price of 1.82 pence.
The company said the placing will allow it to set up its cloud service infrastructure–which will likely be placed in North America–and that revenue will be generated by either charging subscription fees for each mining rig served, by sharing the extra mined bitcoins, or a combination of both.
“We are extremely pleased to have completed this GBP2 million fundraise, as we believe it will fund the company through to revenue,” Executive Chairman Francesco Gardin said.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
