Arqit Quantum Inc (NASDAQ:ARQQ) shares are trading lower by 37.97% to $1.57 Friday morning. The company announced plans for a $20 million registered direct offering.
What Else?
Arqit Quantum says it has entered into a definitive securities purchase agreement with several institutional investors for the sale and purchase of 10 million shares of the company’s ordinary shares, together with warrants to purchase up to 7.5 million ordinary shares at a combined offering price of $2.00 per Ordinary Share and accompanying warrant, in a registered direct offering.
Arqit intends to use the net proceeds from this offering to enhance international customer service capabilities in support of the growth of its recently announced channel partnerships and for general corporate purposes.
According to data from Benzinga Pro, ARQQ has a 52-week high of $17.88 and a 52-week low of $1.99.
