BTQ Technologies Corp. (NASDAQ:BTQ) saw its shares fall 6.6% in after-hours trading on Thursday after the quantum technology company disclosed an at-the-market equity program designed to raise up to C$150 million through sales of common shares.
Under a sales agreement dated June 18, 2026, Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. will act as agents to execute the share placements. The company stated that transactions will be carried out as at-the-market distributions on Cboe Canada and the Nasdaq Global Market.
BTQ said the net proceeds from the ATM program are intended to be used for working capital needs and to strengthen the company’s balance sheet. The company also noted that the proceeds are expected to provide flexibility for ongoing operations and for potential future acquisitions.
The agreement with the agents does not obligate them to sell any particular number or dollar amount of shares. Instead, the agents will use commercially reasonable efforts to sell the shares on the company’s behalf. BTQ further retains the right to instruct the agents not to execute sales if the shares cannot be sold at or above a price that the company designates.
Importantly, there is no minimum threshold of funds that must be raised under the offering. The program may therefore end after generating only a small portion of the C$150 million target, or possibly after raising no funds at all. BTQ will determine the volume and timing of any sales at its sole discretion, and sales will be made at prevailing market prices.
The ATM program will remain in effect until one of three conditions is met: all authorized shares are sold, the program is terminated in accordance with the sales agreement, or the Canadian base shelf prospectus expires. BTQ also pointed out that listing of shares sold under the program on Cboe Canada and Nasdaq will be subject to satisfying applicable listing requirements.
Company description
BTQ Technologies is a global quantum technology company focused on securing mission-critical networks. The equity offering and the articulated use of proceeds indicate management’s intent to preserve near-term liquidity and optionality for strategic moves.
Summary of the announcement
- BTQ launched an at-the-market program to sell up to C$150 million in common shares.
- Sales will be managed under a sales agreement dated June 18, 2026 with Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. as agents.
- Transactions will be executed as at-the-market distributions on Cboe Canada and the Nasdaq Global Market.
This report reflects the facts provided in the company disclosure and does not add or infer details beyond those statements.