Business Context and Reporting Period
Company: Quantum Computing Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: May 28, 2020
Event: Entry into a Material Definitive Agreement regarding the amendment of existing warrant agreements with Auctus Fund, LLC.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on the terms of a specific financing agreement amendment.
Material Changes Versus Prior Period
The filing details a modification to a Securities Purchase Agreement originally entered into on October 16, 2019, and previously amended on February 14, 2020. The material changes effective May 28, 2020, include:
- First Warrant Exercise Price: Reduced from $1.50 per share to $1.00 per share.
- Second Warrant Exercise Price: Reduced from $3.75 per share to $2.50 per share.
- Third Warrant: No change to the exercise price ($4.75 per share).
- Share Count: The number of shares issuable under the warrants remains unchanged.
- Anti-Dilution: The amendment does not trigger any anti-dilution adjustments.
Guidance, Outlook, and Management Commentary
The filing contains no forward-looking guidance, outlook, or general management commentary regarding business operations. The only specific status update provided is that Auctus Fund, LLC has partially exercised the Amended First Warrants and currently holds the right to exercise the remaining warrants to purchase up to an additional 333,000 shares of Common Stock at the new price of $1.00 per share. Auctus has not exercised the Second or Third Warrants.
Investor Verification Checklist
- Verify the total number of shares outstanding post-exercise of the 333,000 shares mentioned.
- Confirm the total dilution impact of the First, Second, and Third Warrants at their respective new exercise prices.
- Review the full text of the "Second Amendment to Common Stock Purchase Warrant" (Exhibit 10.1) for any covenants or conditions not summarized in the 8-K.
- Check subsequent filings to determine if the Second and Third Warrants have been exercised.