IonQ (IONQ) shares fell about 9% through 1 p.m. ET on Wednesday after the company announced before the market opened that it would raise $2 billion by selling shares and warrants. Under the deal, IonQ will sell 20.5 million common shares and 29.5 million pre-funded warrants at $40 each, plus 100 million warrants exercisable at $69.46 per share for seven years, all to a single investor, Heights Capital Management, Inc. The article notes IonQ is valued at nearly $14 billion despite annual revenue below $250 million and a loss of about $1.4 billion a year, with $2.1 billion in cash on hand. The author agrees the raise avoids a future cash crunch but argues Heights is paying $40 a share for stock that could be bought for under $32, calling it a bad deal for investors.
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