Arquit Quantum Inc ARQQ Shares are trading 37.97% lower at $1.57 on Friday morning. The company announced plans for a $20 million registered direct offering.

What else?

Arqit Quantum has entered into definitive securities purchase agreements with several institutional investors for the sale and purchase of 10 million common shares of the Company and warrants to purchase up to 7.5 million common shares at a combined offer price of $2.00 per common share and accompanying warrant in a registered direct offering.

Arqit intends to use the net proceeds from this offering to enhance international customer service capabilities to support the growth of its recently announced channel partnerships and for general corporate purposes.

According to data from Gasoline ProARQQ has a 52-week high of $17.88 and a 52-week low of $1.99.