Arqit Quantum Shares Experience Decline in Response to Securities Purchase Agreement

Arqit Quantum shares have suffered a significant 28% decrease, currently valued at 69 cents, following the company’s decision to enter a definitive securities purchase agreement. This agreement entails the sale and purchase of 12.8 million shares, accompanied by warrants to acquire an additional 12.8 million shares. The combined offering price stands at 78 cents for this registered direct offering.

During today’s trading session, the stock hit its lowest point in the past 52 weeks, reaching a value of 66 cents. Moreover, it has experienced a substantial decline of 87% over the course of the past year.

To provide some further details, the warrants associated with this offering possess an exercise price of 78 cents per share. They will become exercisable upon issuance and will retain their validity for a period of five years from the initial exercise date.

Arqit Quantum anticipates the completion of this offering to take place on or around Tuesday.

In addition to this agreement, existing shareholders Heritage Assets SCSP, Ropemaker Nominees Limited, and Carlo Calabria have committed to purchasing 7.9 million shares, alongside warrants to acquire up to 7.9 million shares. The combined offering price for their purchase stands at 78 cents as well.

The proceeds generated from this offering are projected to reach approximately $16.2 million. Arqit Quantum intends to utilize these funds to bolster the growth of its channel partnerships, as well as for general corporate purposes.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts