Potomac Tech Wire - March 11

With Stock Down 56% YTD, IonQ Raises $372 Million Through At-The-Market Offering

o IonQ Raises $372 Million Through At-The-Market Offering
o ABS Capital Invests in Greenspace Health
o Alexandria-Based SPA Acquires Australia-Based Proximity
o Maryland TEDCO Invests in Baltimore-Based Game4Good
o Argan Moves Headquarters from Rockville to Arlington
o Briefly Noted: Novavax, University of Maryland - Xanadu

With Stock Down 56% YTD, IonQ Raises $372 Million Through At-The-Market Offering

College Park, Md. – With its stock price down 56% this year and facing a turbulent capital markets environment, College Park-based quantum computing firm IonQ raised $372 million through a common stock sale. The share sale was under an “at-the-market” (ATM) offering, usually a less attractive funding source for publicly traded companies because it can suppress its share price. The company said the move will allow it to meet its upcoming capital needs. With strong ties to the University of Maryland, and with significant state backing, IonQ has been hailed as a cornerstone to Maryland’s tech development

“The Company has determined that it has raised a sufficient amount under the program to meet its currently anticipated capital needs. The Company also determined that given overall recent market disruptions, the trading prices for its shares, and the overhang from having an ATM Program in effect, the ATM Program should be terminated. The Company has therefore terminated the ATM Program today,” the company said in a news release.

ABS Capital Invests in Greenspace Health

Hunt Valley, Md. – ABS Capital Partners, the Hunt Valley-based private equity firm focused on investments in software and tech-enabled services, said it has invested in Toronto-based Greenspace Health as part of the company’s second round of funding. Financial terms of the deal were not disclosed. Greenspace is a developer of software designed to access, measure and deliver mental health services. The company currently has more than 500 implementations and 5 million assessments completed across clinics, hospitals, community-based organizations, insurers and health systems. Cal Wheaton, a partner at ABS Capital, will join Greenspace’s board of directors. ABS also has offices in DC and San Francisco.

“As the need for high-quality, outcomes-driven behavioral healthcare continues to rise, Measurement-Based Care is no longer optional – it is essential to ensure individuals have access to care that leads to meaningful improvement,” said Greenspace co-founder and CEO Jeremy Weisz. “With this investment from ABS Capital, we are advancing the next generation of MBC technology – ensuring that every provider has access to the data and insights they need to deliver the highest standard of care.”

Alexandria-Based SPA Acquires Australia-Based Proximity

Alexandria, Va. – Systems Planning Analysis (SPA), an Alexandria-based provider of data-driven analytical insights supporting national security and defense teams, said it has acquired Australia’s Proximity, a provider of consulting, legal and commercial services to government clients. Financial terms of the deal were not disclosed. Proximity will join SPA Australia, significantly expanding the company’s international footprint and presence in the Australia market. “Its strong consulting, legal, and commercial practice areas broaden our capabilities and reinforce our commitment to Australia, where we have supported major clients since 2010,” said SPA CEO Rich Sawchak.

Maryland TEDCO Invests in Baltimore-Based Game4Good

Baltimore – The Maryland Technology Development Corp. (TEDCO) said it has invested $25,000 in Baltimore-based Game4Good through its Concept Capital program, created to be a bridge to early-stage funding. Formerly known as G-Haven eSports, Game4Good is developing a platform to merge the world of gaming with impact, allowing gamers to socially engage the gaming community through events and initiatives.“With this funding from TEDCO, Game4Good is excited to continue our development and expansion efforts,” said founder and CEO Dexter Carr.

Argan Moves Headquarters from Rockville to Arlington

Arlington, Va. – Argan, a provider of construction and related services to the power industry. Said it has relocated its corporate headquarters to the Ballston section of downtown Arlington. The company, which had been based in Rockville for the past 22 years, is now located at Two Liberty Center, 4075 Wilson Boulevard, Suite 440.

Briefly Noted

(Gaithersburg, Md.) Gaithersburg-based vaccine developer and biotechnology company Novavax has named Margaret McGlynn as its new chair, succeeding the retiring James Young. McGlynn has served on the company’s board since 2020, and previously served as the president of Merck Vaccines and Infectious Disease. Young had served on the board since 2010 and as chair since 2011.

(College Park, Md.) The University of Maryland said it has forged a key partnership with Canadian quantum computing firm Xanadu. Under a three-year deal, Xanadu will become an industry partner in the National Quantum Laboratory (QLab) at UMD, a facility designed to accelerate research and education, through priority access to its software tools and photonic quantum technologies.