Quantum Computing (QUBT) said Sunday it has agreed to sell 26.9 million common shares to institutional investors priced at the market for expected gross proceeds of $500 million.

Net proceeds will be used to fund commercialization activities, strategic acquisitions, personnel expansion, working capital, and general corporate purposes, the company said.

Closing of the offering is expected to occur or about Sept. 24, subject to customary closing conditions.

The offering is expected to boost the company's cash position to about $850 million.