Stocks In The News: RGTI, AAOI, GMBL
3:05 pm Friday, September 16th, 2022
Rigetti (NASDAQ:RGTI) stock is getting a boost on Friday after the company revealed it found new partners for its quantum computing efforts. First up is a partnership with Bluefors. This will have the two working together to develop modular dilution fridges. The goal is to use these fridges to support the company’s 336Q, 1,000+ qubit, and 4,000+ qubit quantum processing units. In addition to that, Rigetti also revealed an agreement with Nvidia (NASDAQ:NVDA). This will have them collaborating on a hybrid GPU-QPU workflow. This will be used for climate modeling and is based on weather modeling application research by Rigetti.
Applied Optoelectronics (NASDAQ:AAOI) stock is climbing higher on Friday after the company revealed a $150 million asset sale. This has Applied Optoelectronics agreeing to sell its manufacturing facilities in China to Yuhan Optoelectronic Technology. These facilities and assets are connected to the company’s transceiver business. Applied Optoelectronics notes that the funding will allow it to focus on other parts of its business. This includes opportunities with higher margins and higher growth. All of this is part of its plan to become profitable.
Esports Entertainment (NASDAQ:GMBL) stock is falling hard on Friday after the company revealed public stock offering details. The latest press release has Esports Entertainment pricing its shares at 25 cents each in the public stock offering. For the record, shares of GMBL were trading at 33 cents per share when markets closed on Thursday. With this latest offering, the company intends to offer 30 million shares of GMBL stock. The offering also ties warrants to purchase an additional 30 million shares to the stocks being offered. Those warrants are immediately exercisable for a price of 25 cents.
