Virgin Orbit and Arqit Quantum announce an
extension to their collaboration
- Virgin Orbit has licensed the Arqit QuantumCloudTM service from
Arqit to protect its launch and space solutions businesses.
- Arqit has contracted exclusively with Virgin Orbit for Arqit’s
launch needs which might result from expected new government
sales.
- The two companies have previously announced a $5 million
investment from Virgin Orbit in Arqit’s shares.
Virgin
Orbit, the responsive launch and space solutions company
that has announced a planned business combination with NextGen Acquisition Corp. II
(“NextGen”) (NASDAQ: NGCA), has signed a new launch contract
covering two dedicated launches for Arqit Quantum, Inc. (NASDAQ: ARQQ), a
global leader in quantum encryption technology, plus additional
commitments. The two Arqit satellites delivered to Earth orbit by
Virgin Orbit’s LauncherOne air-launched system will be the core
component of Arqit’s Platform-as-a-Service, delivering the root
source of randomness to all Arqit data centres using Arqit’s
ground-breaking Quantum protocol ARQ19.
Arqit and Virgin Orbit are collaborating on responsive space
initiatives serving the nations of the Five Eyes (FVEY)
international intelligence alliance, comprising of Australia,
Canada, New Zealand, the United Kingdom, and the United States.
Arqit announced in September at the G7 conference the creation of a
program called “Federated Quantum System.” This is a private
instance of Arqit’s QuantumCloudTM technology that allied defence
departments requiring sovereign control over mission critical
encryption can purchase from Arqit. These long-term, high-value
subscription contracts involve Arqit’s supply of ring-fenced
dedicated systems. Arqit has committed to launch such additional
customer funded systems exclusively with Virgin Orbit, and that
contract allows for up to five launches that will be realized as
anticipated government contracts move forward to utilize Arqit’s
services.
The parties are also pleased to announce that the QuantumCloudTM
Software License signed between the companies in parallel to the
launch services agreement will also enable Virgin Orbit to use
Arqit’s world-leading platform to provide market-leading encryption
to secure Virgin Orbit’s global infrastructure. Thus, Virgin Orbit
becomes the world’s first quantum safe launch services
provider.
Dan Hart, Chief Executive Officer of Virgin Orbit
commented: “I am delighted to advance such a comprehensive
collaboration with Arqit. Supporting Arqit’s long term subscription
agreements with its defense department customers is important and
rewarding business for us. Following a year of increased awareness
of cyber risks to businesses and governments, we’re excited for the
opportunity to provide our customers with the promise that Arqit’s
unique QuantumCloudTM system can keep their mission safe.”
“I am delighted that another prestigious global brand has
decided to use QuantumCloudTM to keep their customers’ assets
safe,” said David Williams, Founder, Chairman and CEO of
Arqit. It is also great to be able to rely in Virgin Orbit’s
responsive launch capability to support the private instance
contracts that we are selling to our government and defense
customers. This sales campaign has proceeded well in the last few
months. The revenues from these contracts are expected to provide
strong underpinning to our profitability whilst the global
Platform-as-a-Service rolls out more generally. So, it is critical
that these systems are deployed when we need them, And Virgin can
give that to us.”
-ends-
ABOUT ARQIT QUANTUM INC
Arqit supplies a unique quantum encryption Platform-as-a-Service
which makes the communications links of any networked device secure
against current and future forms of attack – even from a quantum
computer. Arqit’s product, QuantumCloud™, enables any device to
download a lightweight software agent, which can create encryption
keys in conjunction with any other device. The keys are
computationally secure, optionally one-time use and zero trust.
QuantumCloud™ can create limitless volumes of keys in limitless
group sizes and can regulate the secure entrance and exit of a
device in a group. The addressable market for QuantumCloud™ is
every connected device.
Caution About Forward-Looking Statements This
communication includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, may be
forward-looking statements. These forward-looking statements are
based on Arqit’s expectations and beliefs concerning future events
and involve risks and uncertainties that may cause actual results
to differ materially from current expectations. These factors are
difficult to predict accurately and may be beyond Arqit’s control.
Forward-looking statements in this communication or elsewhere speak
only as of the date made. New uncertainties and risks arise from
time to time, and it is impossible for Arqit to predict these
events or how they may affect it. Except as required by law, Arqit
does not have any duty to, and does not intend to, update or revise
the forward-looking statements in this communication or elsewhere
after the date this communication is issued. In light of these
risks and uncertainties, investors should keep in mind that
results, events or developments discussed in any forward-looking
statement made in this communication may not occur. Uncertainties
and risk factors that could affect Arqit’s future performance and
cause results to differ from the forward-looking statements in this
release include, but are not limited to: (i) risks that the
business combination disrupts Arqit’s current plans and operations,
(ii) the outcome of any legal proceedings that may be instituted
against the Arqit related to the business combination, (iii) the
ability to maintain the listing of Arqit’s securities on a national
securities exchange, (iv) changes in the competitive and regulated
industries in which Arqit operates, variations in operating
performance across competitors, changes in laws and regulations
affecting Arqit’s business and changes in the combined capital
structure, (v) the ability to implement business plans, forecasts,
and other expectations after the completion of the business
combination, and identify and realize additional opportunities,
(vi) the potential inability of Arqit to convert its pipeline or
orders in backlog into revenue, (vii) the potential inability of
Arqit to successfully deliver its operational technology which is
still in development, (viii) the risk of interruption or failure of
Arqit’s information technology and communications system, (ix) the
enforceability of Arqit’s intellectual property, and (x) other
risks and uncertainties set forth in the sections entitled “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
in Arqit’s annual report on Form 20-F, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on December 16, 2021
and in subsequent filings with the SEC. While the list of factors
discussed above and the list of factors presented in the final
prospectus are considered representative, no such list should be
considered to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional
obstacles to the realization of forward-looking statements.
ABOUT VIRGIN ORBIT
Virgin Orbit operates one
of the most flexible and responsive space launch systems ever
built. Founded by Sir Richard Branson in 2017, the company began
commercial service in 2021, and has already delivered commercial,
civil, national security, and international satellites into orbit.
Virgin Orbit’s LauncherOne rockets are designed and manufactured in
Long Beach, California, and are air-launched from a modified 747-
400 carrier aircraft that allows Virgin Orbit to operate from
locations all over the world in order to best serve each customer’s
needs. On August 22, 2021, Virgin Orbit entered into a definitive
agreement to combine with NextGen Acquisition Corp. II (NASDAQ:
NGCA), a special purpose acquisition company, which would result in
Virgin Orbit becoming a publicly listed company on the Nasdaq Stock
Market under the symbol VORB. To learn more, visit
virginorbit.com
ABOUT NEXGEN ACQUISITION CORP
II NextGen Acquisition
Corp. II is a blank check company whose business purpose is
to effect a merger, share exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one
or more businesses. NextGen is led by George Mattson, a former
Partner at Goldman, Sachs & Co., and Gregory Summe, former
Chairman and CEO of Perkin Elmer and Vice Chairman of the Carlyle
Group. NextGen is listed on NASDAQ under the ticker symbol "NGCA."
For more information, please visit www.nextgenacq.com.
IMPORTANT LEGAL INFORMATION
Additional Information and Where to Find It This press release
relates to a proposed transaction between Vieco USA, Inc. (“Vieco
USA”) and NextGen Acquisition Corp. II (“NextGen”) that, if
consummated, would result in Virgin Orbit becoming a publicly
listed company. This press release is not a proxy statement or
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the potential transaction and shall
not constitute an offer to sell or a solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such state or jurisdiction. In connection
with the proposed transaction, NextGen has filed a registration
statement on Form S-4 with the SEC on September 16, 2021, as
amended on October 29, 2021, November 23, 2021 and December 3,
2021, which was declared effective by the SEC on December 7, 2021,,
which includes a document that serves as a prospectus and proxy
statement of NextGen (the “proxy statement/prospectus”). A
definitive proxy statement/prospectus will be mailed to all NextGen
shareholders of record as of November 19, 2021, the record date
established for the extraordinary general meeting of shareholders
relating to the proposed transaction on December 28, 2021. NextGen
also will file other documents regarding the proposed transaction
with the SEC. This communication does not contain all the
information that should be considered concerning the proposed
transaction and is not intended to form the basis of any investment
decision or any other decision in respect of the proposed
transaction. Before making any voting or investment decision,
investors and security holders of NextGen are urged to read the
registration statement, the proxy statement/prospectus included
therein and all other relevant documents filed or that will be
filed with the SEC in connection with the proposed transaction as
they become available because they will contain important
information about the proposed transaction.
Investors and security holders may obtain free copies of the
registration statement, the proxy statement/prospectus included
therein and all other relevant documents filed or that will be
filed with the SEC by NextGen through the website maintained by the
SEC at www.sec.gov.
The documents filed by NextGen with the SEC also may be obtained
free of charge at NextGen’s website at
https://www.nextgenacq.com/nextgen-ii.html or upon written request
to 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431.
Participants in the Solicitation NextGen and Vieco USA
and their respective directors and executive officers may be deemed
to be participants in the solicitation of proxies from NextGen’s
shareholders in connection with the proposed transaction.
Additional information regarding the interests of those persons and
other persons who may be deemed participants in the proposed
transaction may be obtained by reading the proxy
statement/prospectus. You may obtain a free copy of this document
as described in the preceding paragraph.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including with
respect to the proposed transaction between Vieco USA and NextGen
and the expected timing of Virgin Orbit’s Above the Clouds mission.
These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,”
“should,” “will,” “would,” “will be,” “will continue,” “will likely
result,” and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including but not
limited to: (i) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price
of NextGen’s securities, (ii) the risk that the transaction may not
be completed by NextGen’s business combination deadline and the
potential failure to obtain an extension of the business
combination deadline if sought by NextGen, (iii) the failure to
satisfy the conditions to the consummation of the transaction,
including the adoption of the Merger Agreement by the shareholders
of NextGen, the availability of the minimum amount of cash
available in the trust account in which substantially all of the
proceeds of NextGen’s initial public offering and private
placements of its warrants have been deposited following
redemptions by NextGen’s public shareholders and the receipt of
certain governmental and regulatory approvals, (iv) the lack of a
third party valuation in determining whether or not to pursue the
proposed transaction, (v) the inability to complete the PIPE
investment in connection with the transaction, (vi) the occurrence
of any event, change or other circumstance that could give rise to
the termination of the Merger Agreement, (vii) the effect of the
announcement or pendency of the transaction on Vieco USA’s business
relationships, operating results, and business generally, (viii)
risks that the proposed transaction disrupts current plans and
operations of Vieco USA and potential difficulties in Vieco USA
employee retention as a result of the transaction, (ix) the outcome
of any legal proceedings that may be instituted against Vieco USA
or against NextGen related to the Merger Agreement or the proposed
transaction, (x) the ability to maintain the listing of NextGen’s
securities on a national securities exchange, (xi) the price of
NextGen’s securities may be volatile due to a variety of factors,
including changes in the competitive and regulated industries in
which NextGen plans to operate or Vieco USA operates, variations in
operating performance across competitors, changes in laws and
regulations affecting NextGen’s or Vieco USA’s business, Vieco
USA’s inability to implement its business plan or meet or exceed
its financial projections and changes in the combined capital
structure, (xii) the ability to implement business plans,
forecasts, and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities, (xiii) the ability of Vieco USA to implement its
strategic initiatives and continue to innovate its existing
products, (xiv) the ability of Vieco USA to defend its intellectual
property, (xv) the ability of Vieco USA to satisfy regulatory
requirements, (xvi) the impact of the COVID-19 pandemic on Vieco
USA’s and the combined company’s business and (xvii) the risk of
downturns in the commercial launch services, satellite and
spacecraft industry. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of NextGen’s registration statement on Form S-1 (File No.
333-253848), the registration statement on Form S-4 discussed
above, the definitive proxy statement/prospectus included therein
and other documents filed or that may be filed by NextGen from time
to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Vieco USA and
NextGen assume no obligation and do not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise. Neither Vieco USA nor
NextGen gives any assurance that either Vieco USA or NextGen, or
the combined company, will achieve its expectations.
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INQUIRIES: Media, Virgin
Orbit: Alison Patch, Senior Director of Communications
press@virginorbit.com 949-616-2504
Media, Arqit: Julie Moon T: +44 7825 503 950 E: julie.moon@arqit.uk SEC Newgate:
arqit@secnewgate.co.uk Investor Relations, Arqit:
investorrelations@arqit.uk Gateway: arqit@gatewayir.com
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