Seraphim Completes its Investment in Arqit Quantum Inc
(SpaceRef) Seraphim Space Investment Trust plc (LSE: SSIT), the world’s first listed fund focused on Space Tech, is pleased to announce the acquisition of the holding of Arqit Quantum Inc. (“Arqit”) from the Seraphim Space LP (“ Seraphim Space Fund “) . As set out in the IPO prospectus, Seraphim Space will acquire four assets from the Seraphim Space Fund for newly issued ordinary shares in the Company. This acquisition represents the second of those transactions to complete.
Arqit is a leader in quantum encryption technology designed to eliminate the threat of cyber-attack and data theft. The business has a unique quantum encryption Platform-as-a-Service which makes the communications links of any networked device secure against current and future forms of attack – even from a quantum computer. On 7 September, Arqit completed its proposed merger with Centricus Acquisition Corp. The combined company has been renamed Arqit Quantum Inc. and its shares have commenced trading on NASDAQ under the new ticker symbol “ARQQ” for Arqit common stock.
In accordance with the relevant sale and purchase agreement entered into at the time of the IPO, the Company has acquired for cash 2,421,634 shares in Arqit valued at 27,328,785.50 and the partners of the Seraphim Space Fund have used substantially all of this cash (net of tax) to subscribe for 26,296,402 new ordinary shares in the Company at a price of 100p per share. These new ordinary shares rank pari passu with the existing ordinary shares in issue. The valuation is based on the volume-weighted average price per share for the interests owned by the Seraphim Space Fund in Arqit for the five days trading from and including the date of Arqit’s listing.
As a result of this issue, the total number of ordinary shares in issue now stands at 212,129,854 and the total number of voting rights in the Company is 212,129,854. There are no shares held in treasury.