Arqit Quantum Inc. Announces $16.2 Million Registered Direct Offering

LONDON, Sept. 08, 2023 (GLOBE NEWSWIRE) -- Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) (“Arqit” or the “Company”), a global leader in quantum encryption technology, today announced that it has entered into a definitive securities purchase agreement for the sale and purchase of 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, in a registered direct offering (the “Offering”). The Warrants will have an exercise price of $0.78 per Ordinary Share, will become exercisable commencing the date of issuance and will expire five years from the initial exercise date. The Company expects the Offering to close on or about 12 September 2023, subject to the satisfaction of customary closing conditions.

In addition, existing shareholders Heritage Assets SCSP, Ropemaker Nominees Limited and Carlo Calabria have agreed to purchase 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. is acting as the sole placement agent for the Offering.

The gross proceeds of the Offering are expected to be 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.

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 will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained, when available, 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 [phone] or e-mail at [e-mail].