Benzinga | Oct 4, 2021 08:31AM EDT

Arqit Founders Voluntarily Extend Lock-Up

Arqit Quantum Inc. (the "Company") today announces that the former shareholders of Arqit Limited and Centricus Heritage, LLC, the sponsor of Centricus Acquisition Corp., have voluntarily entered into new lock-up agreements with the Company to signal their long-term support of the Company. The former shareholders of Arqit Limited and Centricus Heritage, LLC originally entered into lock-ups with the Company upon the closing of the Company's business combination with Centricus Acquisition Corp. and Arqit Limited on September 3 2021, which were expected to expire in the near term given the recent trading performance of the Company's shares.

The new lock-up agreements will restrict the transfer of the Company's shares by the parties from September 3 2021 until the earlier to occur of (i) 11:59 p.m. Eastern time on the close of trading on the second full trading day following release by the Company of its financial results for the six months ended March 31 2022; and (ii) such time as determined by the board of directors of the Company as being in the best interest of all stakeholders to permit transfers.

Arqit Founder, Chairman and CEO David Williams, said: "I am grateful for the 100% commitment of the Arqit Limited founder shareholders and Centricus Heritage, LLC, the sponsor of Centricus Acquisition Corp., to this voluntary lock-up. It signals the shareholders' long-term commitment to the business of the Company. QuantumCloud(tm) has already solved some of the greatest cyber security problems of the era and has proven that with major customers in defence and telecoms with our recent product launch and $130m of contracted revenues. The shareholders share our excitement about the scale of what the Company can achieve in future."