Arqit Quantum Inc. successfully conducted its annual general meeting (AGM) on September 18, 2024, where shareholders approved all proposed resolutions, including the election of three directors and a series of reverse share split proposals. The AGM saw a quorum with 82,274,061 ordinary shares represented. The director election resulted in David Williams, Manfredi Lefebvre d'Ovidio, and Garth Ritchie being appointed to the board until the 2027 AGM. Additionally, shareholders approved reverse share split proposals at different ratios, contingent on the company's share price on the Nasdaq. Ultimately, the Board of Directors determined to effect a 25:1 reverse share split, consolidating the company's share capital and adjusting the par value of ordinary and preference shares. This action aims to regain compliance with Nasdaq's...Show More

Arqit Quantum Inc. successfully conducted its annual general meeting (AGM) on September 18, 2024, where shareholders approved all proposed resolutions, including the election of three directors and a series of reverse share split proposals. The AGM saw a quorum with 82,274,061 ordinary shares represented. The director election resulted in David Williams, Manfredi Lefebvre d'Ovidio, and Garth Ritchie being appointed to the board until the 2027 AGM. Additionally, shareholders approved reverse share split proposals at different ratios, contingent on the company's share price on the Nasdaq. Ultimately, the Board of Directors determined to effect a 25:1 reverse share split, consolidating the company's share capital and adjusting the par value of ordinary and preference shares. This action aims to regain compliance with Nasdaq's minimum bid price requirement. The ordinary shares will begin trading on a split-adjusted basis on September 25, 2024, under the same ticker symbol 'ARQQ'. No fractional shares will be issued; instead, shareholders will receive rounded up whole shares. The reverse share split also affects the number of shares issuable upon exercise of outstanding warrants and their exercise price. Arqit had previously been notified of non-compliance with Nasdaq's minimum bid price and was granted extensions to regain compliance.