Quantum Cyber (QUCY) signed an agreement with Titan Partners Securities to sell up to $100 million of ordinary shares through an at-the-market offering, the company said in a Friday filing.

The proceeds will fund product and software development, product expansion, potential acquisitions and strategic partnerships, as well as working capital and general corporate purposes.

Quantum Cyber will pay Titan Partners a 3% commission on gross proceeds and is not obligated to sell any shares under the agreement.

Quantum Cyber shares were down more than 11% in premarket activity Monday.

Price: 1.19, Change: -0.16, Percent Change: -11.85