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Arqit to go Public via Business Combination With Centricus Acquisition Corp.

05/12/2021 04:23

08:16 AM EDT, 05/12/2021 (MT Newswires) -- Arqit Ltd., a quantum encryption technology company, and Centricus Acquisition Corp. (CENH), a special purpose acquisition company, said Wednesday they have entered into a definitive agreement that would turn Arqit into a publicly listed company.

Upon closing of the transaction expected in Q3, a newly formed Cayman holding company, Arqit Quantum, will merge with Centricus, acquire Arqit, and register its shares for listing on the Nasdaq exchange.

The deal values the combined company at a pro forma enterprise value of roughly $1 billion. It is expected to provide up to $400 million of gross proceeds to Arqit from a combination of $345 million of cash held in Centricus' trust account around $70 million from a fully committed public investment in public equity.

The deal was approved by both companies' boards of directors and is yet to be approved by Centricus' shareholders.

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