Arqit Quantum Inc. Announces Closing of $16.2 Million Registered Direct Offering
September 12 2023 - 4:05PM
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 December 2022 and was declared effective
on 30 December 2022. The Offering is being made only by means of a
prospectus, including a prospectus supplement, forming a part of an
effective registration statement. A prospectus supplement and
accompanying prospectus relating to the Offering was filed with the
SEC on September 11, 2023. Electronic copies of the prospectus
supplement and accompanying prospectus may be obtained on the SEC’s
website at www.sec.gov or by contacting H.C. Wainwright & Co.,
LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
(212) 856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any of these Company
securities, nor shall there be any sale of these Company securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.
About Arqit
Arqit supplies a unique Symmetric Key Agreement
Platform-as-a-Service which makes the communications links of any
networked device, cloud machine or data at rest secure against both
current and future forms of attack on encryption – even from a
quantum computer. Arqit’s Symmetric Key Agreement Platform delivers
a lightweight software agent that allows devices to create
encryption keys locally in partnership with any number of other
devices. The keys are computationally secure and operate over zero
trust networks. It can create limitless volumes of keys with any
group size and refresh rate and can regulate the secure entrance
and exit of a device in a group. The agent is lightweight and will
thus run on the smallest of end point devices. The Product sits
within a growing portfolio of granted patents but also works in a
standards compliant manner which does not oblige customers to make
a disruptive rip and replace of their technology. Arqit was
recently awarded the Innovation in Cyber award at the UK National
Cyber Awards and Cyber Security Software Company of the Year Award
at the UK Cyber Security Awards. www.arqit.uk
Media relations enquiries:
Arqit: pr@arqit.uk
Gateway: arqit@gateway-grp.com
Investor relations
enquiries:
Arqit:
investorrelations@arqit.ukGateway:
arqit@gateway-grp.com
Caution About Forward-Looking
Statements
This communication includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements. These
forward-looking statements are based on Arqit’s expectations and
beliefs concerning future events and involve risks and
uncertainties that may cause actual results to differ materially
from current expectations. These factors are difficult to predict
accurately and may be beyond Arqit’s control. Forward-looking
statements in this communication or elsewhere speak only as of the
date made. New uncertainties and risks arise from time to time, and
it is impossible for Arqit to predict these events or how they may
affect it. Except as required by law, Arqit does not have any duty
to, and does not intend to, update or revise the forward-looking
statements in this communication or elsewhere after the date this
communication is issued. In light of these risks and uncertainties,
investors should keep in mind that results, events or developments
discussed in any forward-looking statement made in this
communication may not occur. Uncertainties and risk factors that
could affect Arqit’s future performance and cause results to differ
from the forward-looking statements in this release include, but
are not limited to: (i) the outcome of any legal proceedings that
may be instituted against Arqit related to the business
combination, (ii) the ability to maintain the listing of Arqit’s
securities on a national securities exchange, (iii) changes in the
competitive and regulated industries in which Arqit operates,
variations in operating performance across competitors and changes
in laws and regulations affecting Arqit’s business, (iv) the
ability to implement business plans, forecasts, and other
expectations, and identify and realise additional opportunities,
(v) the potential inability of Arqit to convert its pipeline into
contracts or orders in backlog into revenue, (vi) the potential
inability of Arqit to successfully deliver its operational
technology, (vii) the risk of interruption or failure of Arqit’s
information technology and communications system, (viii) the
enforceability of Arqit’s intellectual property, (ix) the
anticipated use of proceeds from the Offering, (x) market and other
conditions, and (xi) other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Arqit’s annual report on Form 20-F
(the “Form 20-F”), filed with the U.S. Securities and Exchange
Commission (the “SEC”) on 14 December 2022 and in subsequent
filings with the SEC. While the list of factors discussed above and
in the Form 20-F and other SEC filings are considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Unlisted
factors may present significant additional obstacles to the
realisation of forward-looking statements.
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