Clifton sold 125,000 shares at a price of $4.00 per share, totaling $500,000. This transaction was conducted under a Rule 10b5-1 trading plan, which Clifton adopted on November 16, 2023. Following the sale, Clifton retains ownership of 1,188,864 shares in the company. With a market capitalization of $890 million and notably high price volatility, investors seeking deeper insights can access 15 additional key metrics and analysis through InvestingPro's comprehensive research report. With a market capitalization of $890 million and notably high price volatility, investors seeking deeper insights can access 15 additional key metrics and analysis through InvestingPro's comprehensive research report. Clifton sold 125,000 shares at a price of $4.00 per share, totaling $500,000. This transaction was conducted under a Rule 10b5-1 trading plan, which Clifton adopted on November 16, 2023. Following the sale, Clifton retains ownership of 1,188,864 shares in the company.
In other recent news, Rigetti Computing has experienced significant developments. The company has secured $100 million in a share sale, consisting of 50 million shares priced at $2.00 each. This funding, intended for general corporate purposes and working capital, is expected to support ongoing technological development and Rigetti's quantum computer business strategy. A.G.P./Alliance Global Partners (NYSE:GLP) served as the sole placement agent for this offering.
In a related development, Rigetti reported a decrease in revenue to $2.4 million from $3.1 million in Q3 2023, and a drop in gross margins to 51%. Despite these financial challenges, the company announced plans for a new 36-qubit system by mid-2025 and a system with over 100 qubits by the end of 2025. Collaborations with Riverlane and NVIDIA (NASDAQ:NVDA) are central to their strategy for quantum error correction and hybrid computing.
Furthermore, Rigetti's shares recently reached their highest level since August of the previous year, amid a broader rally in quantum computing stocks. This coincides with legislative developments proposing to allocate $2.7 billion in federal funding for quantum research and development over a five-year period. Rigetti's CEO, Dr. Subodh Kulkarni, has expressed optimism about increased government funding and the potential to participate in a $300 million DARPA project.
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