TIDMQBIT
RNS Number : 0654A
Quantum Exponential Group PLC
31 January 2022
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31 January 2022
Quantum Exponential Group plc
(the 'Company' or 'Quantum Exponential')
Corporate Update and Board Changes
Quantum Exponential Group plc (AQUIS: QBIT), a company focused
on investing in quantum technology is pleased to provide an update
following its admission to trading on the AQSE Growth Market on 1
November 2021 ('Admission').
Highlights
-- Discussions ongoing with a number of potential investee companies
-- Arqit Quantum Inc, signs new launch contract with Virgin
Orbit covering two satellite launches and the licensing of its
Arqit QuantumCloud(TM)
-- Increased institutional interest in quantum has lead to
advance discussions with several parties regarding launch of
Limited Partnership Venture Capital Funds, to be managed by Quantum
Exponential
At the time of Admission, Quantum Exponential had identified
c.60 companies meeting its investment strategy. Since Admission,
the Company has held discussions with a number of these companies,
several of which are being actively pursued. Any investments will
be subject to detailed due diligence and completion of legal
documentation and further updates will be provided as these
discussions progress.
On Admission, Quantum Exponential acquired a nominal cost option
to acquire 199,993 shares in Arqit Quantum Inc. (NASDAQ: ARQQ)
('Arqit'). On 23 December 2021 Arqit, a global leader in quantum
encryption technology, announced that it had extended its
collaboration with Virgin Orbit, a responsive launch and space
solutions company. Arqit has signed a new launch contract with
Virgin Orbit covering two of its dedicated satellite launches. The
two Arqit satellites will be the core component of Arqit's
Platform-as-a-Service, delivering the root source of randomness to
all Arqit data centres using its ground-breaking quantum protocol
ARQ19. In addition, Arqit also announced that Virgin Orbit has
licensed its QuantumCloud(TM) service to protect its launch and
space solutions businesses. The full details of this announcement
can be found at: https://arqit.uk/news/press-releases/
Quantum Exponential is looking to capitalise on the board's
significant experience in creating and managing 10-year limited
partnership venture capital vehicles through the creation of a
Quantum Limited Partnership Fund. Recent events, including
Chancellor Rishi Sunak's speech at the Autumn Budget, which
reiterated the UK's commitment to invest in quantum technology,
coupled with increased global interest within the quantum computing
arena, has driven the decision to accelerate discussions with
global companies and government agencies on the feasibility of a
Quantum Exponential run UK fund.
Board changes
To support this decision, Martin Schwedler, who is based in
Austria, will be transferring from his role as CEO of Quantum
Exponential and will concentrate his fundraising expertise with
regards to funding opportunities in Europe, becoming Senior Advisor
for Europe. Steven Metcalfe, currently Chief Operating Officer, and
based in the UK, will become Quantum Exponential CEO with immediate
effect and will look to continue to explore the many exciting
opportunities that have become available to Quantum Exponential
since Admission.
In addition, Stuart Nicol, Chief Investment Officer, will be
appointed to the board as an Executive Director with immediate
effect. The following information is disclosed pursuant to Rule 4.9
of the AQSE Growth Market Access Rulebook:
Current Directorships Previous Directorships
Rosie Walker Limited FSE Closif Carry LLP
------------------------
Heropreneurs Walker Ashworth Limited
------------------------
There is no further information to be disclosed pursuant to Rule
4.9 of the AQSE Growth Market Access Rulebook.
Founder Shares
The Company and Martin Schwedler have agreed that 14,400,000
ordinary shares beneficially held by Mr. Schwedler will be
relinquished by him into an employee, director and consultant share
incentive plan that the Company will look to implement in due
course. Martin Schwedler will continue to have a beneficial
interest in 17,600,000 ordinary shares, representing 5.36% of the
issued share capital which remain bound by the 12-month lock-in and
6-month orderly market arrangement entered into at the time of
Admission.
Chairman of Quantum Exponential Group, Ian Pearson said :
"Martin was instrumental in the float of the Company and the board
would like to thank him for all his efforts in getting us to
market. I am delighted Steve is becoming CEO; his near 30 years in
UK investment banking and capital markets bring great experience to
the role."
This announcement contains information which, prior to its
disclosure, was inside information as stipulated under Regulation
11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310
(as amended).
The Directors take responsibility for this announcement.
**ENDS**
For more information, visit the Company's website:
www.quantum-exponential.co.uk
For further information please contact:
Steven Metcalfe, Chief Executive Officer c/o +44 (0)207 236 1177
Novum Securities (AQSE Corporate Adviser)
David Coffman, Lucy Bowden Tel: +44 (0)20 7399 9400
Oberon Capital (Broker) Tel: +44 (0)20 3179 5344
Mike Seabrook, Chris Crawford, Robert Hayward
St Brides Partners Limited (Financial PR)
Catherine Leftley, Ana Ribeiro, Isabelle Morris Tel: +44 (0)207 236 1177
Notes to Editors
About Quantum Exponential Group plc
Quantum Exponential is a first of its kind, AQSE Growth Market
SPAC, focused on opportunities in quantum technology and the wider
quantum computing sector, with an advisory board made up of
industry advisors, entrepreneurs, and technology investment
professionals with broad access to quantum opportunities and
markets. Quantum Exponential's investment strategy is to assemble a
portfolio of minority investments in early-stage global quantum
technology companies, primarily in NATO allied countries, offering
institutional and private investors access to revolutionising
technologies and industries in the realms of artificial
intelligence, manufacturing and healthcare.
Quantum Exponential trades on AQSE Growth Market under the
ticker symbol "QBIT'.
About Arqit Quantum Inc.
Arqit supplies a unique quantum encryption Platform-as-a-Service
which makes the communications links of any networked device secure
against current and future forms of attack - even from a quantum
computer. Arqit's product, QuantumCloud(TM), enables any device to
download a lightweight software agent of less than 200 lines of
code, which can create encryption keys in partnership with any
other device. The keys are computationally secure, one-time use and
zero trust. QuantumCloud(TM) can create limitless volumes of keys
in limitless group sizes and can regulate the secure entrance and
exit of a device in a group. The addressable market for
QuantumCloud(TM) is every connected device.
Arqit trades on Nasdaq under the ticker symbols 'ARQQ' and
'ARQQW'.
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END
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