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Arqit Quantum Inc. Announces Closing of $16.2 Million Registered Direct Offering
LONDON, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) (“Arqit” or the “Company”), a global leader in quantum encryption
About this update from Arqit Quantum Inc.
[{"type":"text","content":"LONDON, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) (“Arqit” or the “Company”), a global leader in quantum encryption technology, today announced the closing of its previously announced registered direct offering (the “Offering”), pursuant to which it sold 12,820,513 of the Company’s ordinary shares, $0.0001 par value per share (the “Ordinary Shares”), together with warrants (the “Warrants”) to purchase up to 12,820,513 Ordinary Shares at a combined offering price of $0.78 per Ordinary Share and accompanying Warrant. The Warrants have an exercise price of $0.78 per Ordinary Share, are immediately exercisable and will expire five years from the initial exercise date. In addition, existing shareholders Heritage Assets SCSP, Ropemaker Nominees Limited and Carlo Calabria purchased 7,935,164 Ordinary Shares, together with Warrants to purchase up to 7,935,164 Ordinary Shares at a combined offering price of $0.78 per Ordinary Share and accompanying Warrant. Arqit director Manfredi Lefebvre d’Ovidio has sole investment and voting power over the shares held by Heritage Assets SCSP, long-time Arqit shareholder Notion Capital is the beneficial owner of the Arqit shares held by Ropemaker Nominees Limited and Carlo Calabria is an Arqit director. H.C. Wainwright & Co. acted as the sole placement agent for the Offering. The gross proceeds of the Offering were approximately $16.2 million, before deducting the placement agent's fees and other Offering expenses. Arqit intends to use the net proceeds from this Offering to support the growth of its channel partnerships and for general corporate purposes. Commenting, Arqit Chairman and CEO David Williams said, “We are seeing traction in onboarding major global technology vendors as channel partners. Our adjusted cash and cash equivalents as of August 31, 2023, after taking into account the net proceeds of the offering following the deduction estimated offering expenses, is $46.3 million. Combined with our reduced monthly operating costs of approximately $3.2 million, the proceeds from this offering are expected to allow us to present a strong channel partnership proposition.” A “shelf” registration statement on Form F-3, as amended (File Number 333-268786), relating to the offered securities was initially filed with the Securities and Exchange Commission (“SEC”) on 14...