Encryption tech company Arqit Limited and Centricus Acquisition today announced a definitive agreement to combine at a $1 billion enterprise value and list on the Nasdaq.
The deal is expected to provide up to $400 million of gross proceeds to Arqit from $345 million of cash held in Centricus’ trust account (assuming minimal redemptions), and approximately $70 million from a fully committed PIPE. All existing shareholders and investors will continue to hold their equity ownership, and current Arqit shareholders will remain the majority owners of the combined company at closing.
Arqit has pioneered a quantum encryption technology, QuantumCloud™, which it said makes the communications links of any networked device secure against current and future forms of hacking – even an attack from a quantum computer.
Pending shareholder approval, the business combination is expected to close in the third quarter. Read more.
