Quanome Technologies, Inc. (Nasdaq: QNME) announced on September 28, 2026, the execution of a Revolving Loan Agreement with its Chairman of the Board and Chief Executive Officer, Yang Li. The agreement allows the company to request loan advances with an aggregate principal amount outstanding at any time of up to $15.0 million.
The loan is structured as a revolving facility, meaning that amounts borrowed and subsequently repaid may be reborrowed during the draw period, subject to Mr. Li's written approval for each advance. Interest on the borrowed amounts accrues at a rate of 6.0% per annum, payable monthly in arrears. The company may prepay outstanding amounts at any time without premium or penalty.
The proceeds from the loan are designated for working capital and general corporate purposes. The transaction was reviewed and approved independently by the company's Audit Committee, which is comprised solely of three independent directors. Mr. Li did not participate in the committee's deliberations or vote. The agreement matures three months after its effective date; however, if Mr. Li ceases to serve as both Chairman and CEO, all outstanding amounts become due and payable 30 days after that change.
In a press release issued on October 1, 2026, Quanome described the capital as non-dilutive. The company stated that the Audit Committee determined the agreement is fair and reasonable to the company and its stockholders. Mr. Li emphasized his commitment to the company's quantum-focused strategy, which spans four streams: Quantum and AI Systems, Quantum Life Sciences - Molecular Discovery, Advanced Nuclear, and Quantum-Safe Cybersecurity.
