Arqit Quantum Inc. Ordinary Shares - ARQQ STOCK NEWS

Arqit Quantum, a quantum safe encryption company, has scheduled its fiscal year 2024 financial results conference call for Thursday, December 5, 2024, at 11:00 a.m. ET / 8:00 a.m. PT. CEO Andy Leaver and CFO Nick Pointon will host the call. Investors can access the live webcast through the company's website at ir.arqit.uk. Participants are encouraged to dial in fifteen minutes before the start time using the provided registration link. A replay will be available on the company's website.

Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW), a global leader in quantum encryption technology, has announced a $13.6 million registered direct offering of 5,440,000 ordinary shares at $2.50 per share to existing shareholders. The company will also issue unregistered warrants to purchase up to 5,440,000 additional shares in a concurrent private placement. The warrants will be exercisable one year from issuance, subject to certain conditions.

The offering is expected to close around September 30, 2024. Arqit plans to use the net proceeds for general corporate purposes. The ordinary shares are being offered under an effective shelf registration statement, while the warrants and warrant shares are being offered in a private placement under Section 4(a)(2) of the Securities Act.

Arqit Quantum Inc. (Nasdaq: ARQQ) has announced a 25:1 reverse share split, effective September 25, 2024. This decision follows shareholder approval at the annual general meeting on September 18, 2024. The company's authorized share capital will be consolidated, with ordinary shares continuing to trade on the Nasdaq Capital Market under the symbol 'ARQQ'. No fractional shares will be issued, and positions will be rounded up to the nearest whole number.

The reverse split will affect outstanding warrants, adjusting their exercise prices and the number of shares issuable. This move is aimed at regaining compliance with Nasdaq's minimum $1.00 bid price requirement, following notifications of non-compliance received in October 2023 and an extension granted in April 2024.

Sparkle, a leading international service provider, has successfully completed a Network-as-a-Service (NaaS) Proof of Concept (PoC) for a quantum-safe Internet use case. The trial, conducted in collaboration with Arqit Quantum Inc. (Nasdaq: ARQQ), Intel, Adtran, and Telsy, demonstrated the agile implementation of an on-demand MEF Internet Access Service secured by post-quantum cryptography. The PoC was carried out on Sparkle's metropolitan fiber optic network in Athens, following an earlier successful trial on an International VPN between Italy and Germany.

The solution integrates connectivity functions with Arqit's quantum-safe encryption into an Intel-powered NetSec accelerator card, used as Universal Customer Premises Equipment (uCPE). Sparkle plans to commercially launch its NaaS/Quantum-Safe Internet (NaaS/QSI) service by the end of 2024, followed by other use cases in its NaaS Suite.

Arqit Quantum has launched its new Encryption Intelligence service as a part of its Symmetric Key Agreement Platform. This service helps organizations identify and mitigate network risks arising from quantum computing threats. The announcement follows Arqit's first paid contract with an international telecom operator. The U.S. government’s National Security Memorandum 10 mandates organizations to inventory cryptographic vulnerabilities, driving demand for Arqit’s automated solution. CEO David Williams emphasized that the service pinpoints and addresses cybersecurity issues effectively, meeting rising demands prompted by regulatory requirements.

Arqit Quantum (Nasdaq: ARQQ) reported its financial and operational results for the first half of fiscal year 2024. The company generated $119,000 in revenue, a significant increase from $19,000 in the same period in 2023.

Operational highlights include the rebranding of its flagship product to SKA Platform™, renewal or extension of all maturing contracts, and a new seven-figure multi-year contract with a government customer. Arqit also announced partnerships with major telcos and integration with Intel for post-quantum cryptography solutions.

Despite lower-than-expected revenue, Arqit has implemented cost reduction initiatives expected to reduce operating costs to $1.8 million per month. As of March 31, 2024, the company had $21.3 million in cash and cash equivalents. Arqit discontinued its satellite construction program, focusing solely on its software offerings.

The company received a 180-day extension from Nasdaq to regain compliance with minimum bid price requirements and initiated a cost reduction plan, reducing its headcount from 125 to 81. Arqit remains optimistic about future revenue growth and market adoption of its SKA Platform™.

Arqit Quantum and Telecom Italia Sparkle have successfully conducted a Proof of Concept (PoC) for an Internet Protocol secure (IPsec) tunnel between Italy and Germany, utilizing Arqit's Symmetric Key Agreement (SKA) Platform. Supported by Telsy, a TIM Group cybersecurity company, the PoC confirms the first VPN with quantum-safe encryption. This development marks a significant advancement in network security, providing enhanced encryption methods that safeguard data against future quantum decryption threats. This quantum-safe VPN is software-based, allowing for easy scalability across existing telecom networks. The PoC lays the groundwork for a broader commercial rollout, reinforcing Sparkle's commitment to secure connectivity services.

Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) warns CISOs about the urgent need to address post-quantum technology strategies as quantum computing advances. The risk of Store Now, Decrypt Later attacks emphasizes the immediate security challenge. Arqit's Symmetric Key Agreement Platform aims to simplify quantum-safe migration strategies and mitigate risks. Failure to act could lead to data privacy breaches. Arqit offers a cloud-based solution designed for modern network environments, ensuring secure data transmission without additional hardware. The company will attend RSA for interviews.

Arqit Quantum Inc. will announce their financial results for the six months ending March 31, 2024, on May 20, 2024. The company will conduct a conference call with key executives to discuss the results. Participants can join the call via webcast or phone.