Virgin Orbit and Sumitomo Corporation are participating in a $70m PIPE financing to support a reverse takeover for the quantum encryption technology developer.
UK-based encryption technology developer Arqit agreed on Wednesday to a reverse merger with special purpose acquisition company Centricus Acquisition Corp that will be backed by corporates Sumitomo and Virgin Orbit.
The deal will create a new company called Arqit Quantum, which will be valued at $1.4bn and which will take on the listing Nasdaq Capital Market Centricus Acquisition got in a $300m initial public offering in February 2021.
The merged business will receive approximately $70m from a private investment…
