8 August
2024
Quantum Exponential Group
plc
(the 'Company' or
'Quantum Exponential')
Update on General
Meeting
Quantum Exponential Group plc (AQUIS: QBIT), a
company focused on investing in quantum technology, is pleased to
provide the following update on its recent discussions with a
potential investor group ("the Investors").
On 26 February 2024, the Company announced the
convening of a General Meeting ("GM") on 15 March 2024 for
shareholders to, inter alia, approve the cancellation of the
admission of its shares to trading on the AQSE Growth Market
("Cancellation"), in accordance with the AQSE Rules. Shortly
before the date of the GM, the Directors were approached by the
Investors interested in making a substantial investment in the
Company, subject to Cancellation not proceeding.
Since that initial approach, the Directors have
remained in dialogue with the Investors to assess the merits of the
proposal and take steps to conclude the proposed investment.
Accordingly, the GM has been adjourned on several occasions while
these talks continued.
The Investors have now provided the Company with
a letter confirming a minimum equity investment of £1m at a price
of 1p per share, subject to the completion of subscription
documentation. In light of the extended period of negotiations, the
Investors have agreed to pay the Company the sum of £100,000 in
respect of costs incurred since Cancellation was first announced.
Provided the proposed investment completes raising a specified
minimum amount, the amount is repayable from the proceeds or
convertible into ordinary shares in the Company on the same terms
as the proposed investment. If the proposed investment does not
complete in an agreed timeframe, the Investors waive their
entitlement to repayment of the amount.
Accordingly, the adjourned GM reconvened on 8
August 2024 at 10:00 a.m., at the offices of Fladgate LLP, 16 Great
Queen Street, London, WC2B 5DG United Kingdom, will be further
adjourned until 10:00am on 6 September 2024 at the same venue.
Consequently, the only business at the reconvened GM on 8 August
2024 will be the adjournment of the meeting.
The Board would like to thank shareholders for
their patience during this period and look forward to providing a
further update once discussions have reached a firm
conclusion.
This announcement contains information that,
prior to its disclosure, was inside information as stipulated under
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310 (as amended).
The Directors take responsibility for this
announcement.
**ENDS**
For more information, visit the Company's
website: www.quantumexp.co.uk or contact:
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Steven Metcalfe, Chief Executive Officer
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Novum
Securities (AQSE Corporate Adviser)
David Coffman, George
Duxberry
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Tel: +44 (0)20 7399
9400
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VSA
Capital (AQSE Corporate Broker)
Peter Mattsson, Simon
Barton
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Tel: +44 (0)203 005 5000
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About Quantum
Exponential Group plc
Quantum Exponential is a first of its kind, AQSE
Growth Market Enterprise Company, focused on opportunities in
quantum technology and the wider quantum computing sector, with an
advisory board made up of industry advisors, entrepreneurs, and
technology investment professionals with broad access to quantum
opportunities and markets. Quantum Exponential's investment
strategy is to assemble a portfolio of minority investments in
early-stage global quantum technology companies, primarily in NATO
allied countries, offering institutional and private investors
access to revolutionising technologies and industries in the realms
of artificial intelligence, manufacturing and
healthcare.
Quantum Exponential trades on Aquis Growth
Market under the ticker symbol "QBIT".