Arqit's Founder, Chairman And CEO, David Williams, And Founder And CTO David Bestwick Has Agreed To Purchase 1,241,379 Ordinary Shares For $0.725 Per Share, With Total Gross Proceeds To Arqit Prior To The Deduction Of Expenses Of ~$900,000
Portfolio Pulse from Benzinga Newsdesk
Arqit Quantum Inc. (NASDAQ: ARQQ), a leader in quantum-safe encryption, announced that D2BW Limited, owned by Arqit's founders, will purchase 1,241,379 shares at $0.725 each, totaling about $900,000. This is part of an agreement allowing for up to 7,586,206 shares to be bought at the same price, dependent on additional loan proceeds. Founders David Williams and David Bestwick now own 30.5% of Arqit's shares. The transaction underscores their confidence in Arqit's technology and commercial potential.
April 15, 2024 | 12:08 pm
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POSITIVE IMPACT
Arqit's founders' purchase of shares demonstrates strong insider confidence, potentially signaling to investors the company's solid prospects and underlying value.
Insider purchases, especially of this magnitude, are often viewed positively by the market as they reflect the insiders' confidence in the company's future performance. This action by Arqit's founders could lead to increased investor confidence and potentially a positive impact on the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100