Shares of Quantum Blockchain Technologies have experienced a decline following the company’s recent announcement of a discounted placing to raise £2 million ($2.4 million). As of 0801 GMT, the shares were down 14% at 1.55 pence, representing a decrease of 0.25 pence.
The London-listed cryptocurrency technology company revealed on Monday that the funds raised will be used to support their research and development program, as well as the ongoing legal claims linked to their legacy investments.
Quantum Blockchain plans to issue 133.3 million new ordinary shares at a price of 1.5 pence per share. This price demonstrates an 18% discount compared to the closing price of 1.82 pence on Friday.
With this financing in place, the company aims to establish its cloud service infrastructure, which is expected to be located in North America. The revenue generated from this venture will be derived either through subscription fees for each mining rig served, sharing additional mined bitcoins, or a combination of both.
Executive Chairman Francesco Gardin expressed satisfaction with the completion of the GBP2 million fundraise, emphasizing its significance in funding the company’s operations until revenue is generated.
