Voluntary Lock-up Expiration
Arqit Quantum Inc. (NASDAQ: ARQQ, ARQQW) announced the expiration of voluntary lock-up agreements on September 3, 2022, affecting 105,886,259 shares. Among these, 61,320,605 shares are held by insiders and subject to blackout restrictions until the fiscal year's end on September 30, 2022. The remaining shares are distributed among institutional investors and individual stakeholders. Arqit emphasizes the potential risks associated with forward-looking statements, highlighting factors that could impact future performance, including legal proceedings and operational challenges.
- No significant positive business aspects reported.
- 61,320,605 insider-held shares are subject to blackout restrictions until fiscal year-end.
- Potential risk of legal proceedings affecting business operations.
- Concerns over maintaining listing on a national securities exchange.
LONDON, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Arqit Quantum Inc. (NASDAQ: ARQQ, ARQQW) (“Arqit”), a global leader in quantum encryption technology, notes that the voluntary lock-up agreements that were extended in May 2022 by shareholders holding 105,886,259 shares expire on September 3, 2022.
Of the 105,886,259 shares currently subject to lock-up agreements:
(a) 61,320,605 shares are beneficially held by Arqit officers, directors and employees, and therefore are subject to black out period restrictions under Arqit’s insider trading policy and cannot be traded until after the release of Arqit’s results for the fiscal year ending September 30, 2022,
(b) 19,509,494 shares are held by two institutional investors each of which have a representative on Arqit’s Board of Directors,
(c) 16,781,866 shares are held by three institutional investors which were early investors in Arqit, and
(d) 8,274,294 shares are held by four individuals.
Media relations enquiries:
Arqit: contactus@arqit.uk
FTI Consulting: scarqit@fticonsulting.com
Investor relations enquiries:
Arqit: investorrelations@arqit.uk
Gateway: arqit@gatewayir.com
Caution About Forward-Looking Statements
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These forward-looking statements are based on Arqit’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Arqit’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Arqit to predict these events or how they may affect it. Except as required by law, Arqit does not have any duty to, and does not intend to, update or revise the forward-looking statements in this communication or elsewhere after the date this communication is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect Arqit’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: (i) the outcome of any legal proceedings that may be instituted against the Arqit related to the business combination, (ii) the ability to maintain the listing of Arqit’s securities on a national securities exchange, (iii) changes in the competitive and regulated industries in which Arqit operates, variations in operating performance across competitors and changes in laws and regulations affecting Arqit’s business, (iv) the ability to implement business plans, forecasts, and other expectations, and identify and realise additional opportunities, (v) the potential inability of Arqit to convert its pipeline into contracts or orders in backlog into revenue, (vi) the potential inability of Arqit to successfully deliver its operational technology which is still in development, (vii) the risk of interruption or failure of Arqit’s information technology and communications system, (viii) the enforceability of Arqit’s intellectual property, and (ix) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Arqit’s annual report on Form 20-F (the “Form 20-F”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 16, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and in the Form 20-F and other SEC filings are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realisation of forward-looking statements.
FAQ
What is the significance of the lock-up expiration for Arqit (ARQQ, ARQQW)?
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What risks does Arqit face according to the press release?
