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Arqit Quantum | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Apr 15 07:03
Summary by Moomoo AI
Arqit Quantum Inc., a cybersecurity firm specializing in quantum encryption technology, has entered into a securities purchase agreement with D2BW Limited, a shareholder entity controlled by Arqit's CEO David Williams and CTO David Bestwick. The agreement, dated March 29, 2024, outlines the sale of up to 7,586,206 ordinary shares at $0.725 each, equivalent to the market closing price on March 28, 2024. The transaction is contingent on D2BW Limited securing funding through a loan, which involves pledging up to 16,200,000 of its owned Arqit shares as collateral. As of April 15, 2024, a partial fulfillment of the funding condition has led to the expected issuance of 1,241,379 shares, generating approximately $900,000 in gross proceeds for Arqit Quantum. The company plans to allocate the net proceeds towards expanding its channel partnerships and general...Show More
Arqit Quantum Inc., a cybersecurity firm specializing in quantum encryption technology, has entered into a securities purchase agreement with D2BW Limited, a shareholder entity controlled by Arqit's CEO David Williams and CTO David Bestwick. The agreement, dated March 29, 2024, outlines the sale of up to 7,586,206 ordinary shares at $0.725 each, equivalent to the market closing price on March 28, 2024. The transaction is contingent on D2BW Limited securing funding through a loan, which involves pledging up to 16,200,000 of its owned Arqit shares as collateral. As of April 15, 2024, a partial fulfillment of the funding condition has led to the expected issuance of 1,241,379 shares, generating approximately $900,000 in gross proceeds for Arqit Quantum. The company plans to allocate the net proceeds towards expanding its channel partnerships and general corporate needs. The purchase agreement includes provisions for additional share purchases by D2BW Limited, subject to further funding, and grants registration rights to the purchaser. The agreement is set to automatically terminate on June 30, 2024, for any unpurchased shares. The shares are offered through a prospectus supplement and registration statement filed with the SEC, which became effective on December 30, 2022.

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