Virgin Orbit and Sumitomo Corporation are participating in a $70m PIPE financing to support a reverse takeover for the quantum encryption technology developer.

UK-based encryption technology developer Arqit agreed on Wednesday to a reverse merger with special purpose acquisition company Centricus Acquisition Corp that will be backed by corporates Sumitomo and Virgin Orbit. The deal will create a new company called Arqit Quantum, which will be valued at $1.4bn and which will take on the listing Nasdaq Capital…

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