UK cyber firm Arqit Quantum faces SEC probe over Spac merger
Arqit's filing on 14 December with the SEC said it had many 'project-based' clients with 'uneven milestone payment profiles' rather than recurring revenue
British cybersecurity company Arqit Quantum is facing an investigation from the US Securities and Exchange Commission over its merger with a special-purpose acquisition company last year, the company disclosed on 14 December.
Arqit saw its market value rise from $1.4bn to over $4.5bn soon after it completed the Spac merger — a form of public listing — in September 2021 as investors embraced the company and its projections of surging revenue and profits in the emerging sectors of digital security and advanced cryptography....
