Arqit Quantum hits record low on possible sale of satellite division

Virgin Orbit Holdings

17/05/2023 19:47

** Cybersecurity software developer Arqit Quantum Inc's
 ARQQ.O  shares hit record low, last down 34.6% at $0.72
    ** Company says it is considering sale of its satellite
division
    ** In December 2022 company said quantum satellite hardware
was no longer required and intends to monetize its quantum
satellite currently under construction
    ** Arqit says on Wednesday it initiated a partner search
process and received indications that an outright sale of
satellite business might be viable
    ** Company says amounts owed to Arqit by Virgin Orbit could
be mitigated in whole or in part through Virgin Orbit's
bankruptcy process
    ** Arqit says due to initiatives regarding satellite
division, Virgin Orbit bankruptcy not expected to have material
impact on operation of its business results going forward
    ** ARQQ shares down about 80% YTD

 (Reporting by Vaibhav Sadhamta)
 ((Vaibhav.Sadhamta@thomsonreuters.com))