Arqit Quantum Inc. announced that its shareholders approved a proposal to increase the company's authorized share capital at an Extraordinary General Meeting held on December 18, 2024. The authorized share capital will increase from US$50,000.00 to $100,000.00.
This increase involves the creation of 18,760,000 new ordinary shares and 1,240,000 new preference shares, each with a par value of US$0.0025. The move is intended to facilitate the issuance of warrant shares, including 5,440,000 ordinary shares and warrants to purchase an equal number of ordinary shares that were issued on October 1, 2024.
The approval provides Arqit with greater flexibility in its capital management, allowing for the exercise of existing warrants and potential future equity raises. While necessary for capital structure, such increases can lead to dilution for current shareholders.
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