Arqit Quantum Inc. (NASDAQ:ARQQ, ARQQW))))) (Arqit), a leader in quantum-safe encryption, announced today that D2BW Limited, an existing shareholder beneficially owned by Arqit's Founder, Chairman and Chief Executive Officer, David Williams, and Founder and Chief Technology Officer, David Bestwick has agreed to purchase 1,241,379 ordinary shares from Arqit, with total gross proceeds to Arqit prior to the deduction of expenses of approximately $900,000. The purchase price per share is $0.725, which was the closing price of Arqit's ordinary shares as reported by Nasdaq on 28 March 2024. No warrants were granted in connection with the purchase. The transaction is expected to close on 15 April 2024.
This represents an initial purchase under a Purchase Agreement between D2BW Limited and Arqit whereby D2BW Limited would purchase up to an aggregate of 7,586,206 shares at a purchase price per share of $0.725. Additional purchases are conditioned upon D2BW Limited receiving additional proceeds under a loan facility secured by a portion of its shares of Arqit. There is no certainty of receipt of additional loan proceeds. Additional information is available in the report on Form 6-K filed with the Securities and Exchange Commission on 15 April 2024.
Including shares held directly by David Williams and David Bestwick and through their foundation, D2BW Limited, David Williams and David Bestwick now together beneficially own 50,792,220, or 30.5%, of Arqit's total outstanding ordinary shares.
David Williams, Arqit Founder, Chairman and CEO said:
"Given the progress that Arqit has achieved on multiple fronts, including further development of our go to market strategy with OEMs and value added resellers, my co-founder and I have high conviction about the importance and uniqueness of Arqit's technology and commercial potential."
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any Company securities.