26 February
2024
Quantum Exponential Group
plc
(the 'Company' or
'Quantum Exponential')
Notice of GM and Proposed
Delisting
Quantum Exponential Group plc (AQUIS: QBIT), a
company focused on investing in quantum technology, announces that
a General Meeting ("GM") will be held on 15 March 2024 at 10:00
a.m., at the offices of Fladgate LLP, 16 Great Queen Street,
London, WC2B 5DG United Kingdom. At the GM, there will, inter alia,
be a resolution to propose the
cancellation of the admission of the Company's shares to trading on
the AQSE Growth Market (the "Withdrawal Resolution").
Since Admission to the AQSE Growth Market in
November 2021, the Company has positioned itself to exploit the
significant progress it has made through further investments as the
quantum sector moves to the next stage of development. To
facilitate such further investments, the Directors have been in
discussions in recent months with potential investors to secure
additional capital through a separate fund vehicle for the
Company. Whilst these parties have expressed serious interest
in making an investment in a fund involving Quantum Exponential,
the Directors have been told repeatedly that the Company's status
as a publicly traded company has been one of the impediments to
completing any investment agreements as these investors generally
prefer to invest in private entities or those with a typical
unlisted fund structure.
Therefore, the Directors have concluded that it
is in the interest of shareholders to withdraw from the AQSE Growth
Market ("Withdrawal") to better facilitate the raising of
additional funds based on this feedback. However, there is no
guarantee that Withdrawal will result in further funds being
raised.
Since incorporation there has also been a
severe downturn in general liquidity and valuations for all
micro-cap listed companies. This has not been helped by the
geopolitical situation along with inflation and interest rate
rises.
Significant cost savings, both directly and
indirectly could also be achieved which in turn would offer the
potential for higher returns over time for shareholders if the
Company was de-listed.
For the reasons above the Directors have
unanimously concluded that it is in the best interests of the
Company and its shareholders to seek Withdrawal.
Subject to the Withdrawal Resolution being
passed, trading in the Company's Shares will cease at 7:00 a.m., UK
time, on 25 March 2024.
Post
cancellation
The Directors are aware that the proposed
Withdrawal, should the Withdrawal Resolution be approved by the
requisite majority of the shareholders at the GM, would make it
more difficult for shareholders to buy and sell Ordinary Shares
should they wish to do so.
The Directors are reviewing options to enable
shareholders to buy and sell shares through a trading platform and
further details will be provided in due course.
A circular, including the GM notice, will be
posted to shareholders containing further information in relation
to the proposed cancellation, and will be made available to
Shareholders on the Company's website at https://www.quantumexp.co.uk/.
This announcement contains information that,
prior to its disclosure, was inside information as stipulated under
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310 (as amended).
The Directors take responsibility for this
announcement.
**ENDS**
For more information, visit the Company's
website: www.quantumexp.co.uk or contact:
Steven Metcalfe, Chief Executive
Officer
c/o quantum@stbridespartners.co.uk
Novum Securities (AQSE Corporate
Adviser) Tel: +44 (0)20 7399
9400
David Coffman, George
Duxberry
VSA
Capital (AQSE Corporate
Broker)
Tel: +44 (0)203 005 5000
Peter Mattsson, Simon
Barton
St
Brides Partners Limited (Financial PR)
quantum@stbridespartners.co.uk
Ana Ribeiro, Isabelle
Morris
About Quantum
Exponential Group plc
Quantum Exponential is a first of its kind,
AQSE Growth Market Enterprise Company, focused on opportunities in
quantum technology and the wider quantum computing sector, with an
advisory board made up of industry advisors, entrepreneurs, and
technology investment professionals with broad access to quantum
opportunities and markets. Quantum Exponential's investment
strategy is to assemble a portfolio of minority investments in
early-stage global quantum technology companies, primarily in NATO
allied countries, offering institutional and private investors
access to revolutionising technologies and industries in the realms
of artificial intelligence, manufacturing and
healthcare.
Quantum Exponential trades on Aquis Growth
Market under the ticker symbol "QBIT".