Quantum-computing co Rigetti slides on planned $350 mln equity raise

Rigetti Computing Inc's RGTI.O shares down 7.3% premarket at $12.19 as it looks to raise equity

Berkeley, California-based quantum-computing firm files up to $350 mln ATM (at-the-market) equity sales program to be handled by Jefferies

Co plans to use net proceeds from any sales for working capital, capex, and general purposes

With ~292.4 mln shares outstanding as of May 27, co has roughly $3.8 bln market cap through Thurs close

Earlier this month, co posted Q1 rev of $1.47 mln, down 52% y/y, and below Wall Street analysts' expectations of $2.55 mln, per LSEG data

Through Thurs close, RGTI shares down ~14% YTD, including 48% gain in May. Stock was trading around $3 six months ago

All 6 brokerages covering RGTI rate stock "buy" with median PT of $15, latest LSEG data shows