SERAPHIM SPACE INVESTMENT TRUST PLC

("Seraphim Space" or "the Company")

Completion of Investment in Arqit Quantum Inc.

Further to its announcement on 7 September 2021, Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed fund focused on Space Tech, is pleased to announce the acquisition of the holding of Arqit Quantum Inc. ("Arqit") from the Seraphim Space LP ("Seraphim Space Fund").

As set out in the IPO prospectus, Seraphim Space will acquire four assets from the Seraphim Space Fund for newly issued ordinary shares in the Company. This acquisition represents the second of those transactions to complete.

Arqit is a leader in quantum encryption technology designed to eliminate the threat of cyber-attack and data theft. The business has a unique quantum encryption Platform-as-a-Service which makes the communications links of any networked device secure against current and future forms of attack - even from a quantum computer.  On 7 September, Arqit completed its proposed merger with Centricus Acquisition Corp. The combined company has been renamed Arqit Quantum Inc. and its shares have commenced trading on NASDAQ under the new ticker symbol "ARQQ" for Arqit common stock.

In accordance with the relevant sale and purchase agreement entered into at the time of the IPO, the Company has acquired for cash 2,421,634 shares in Arqit valued at  £27,328,785.50 and the partners of the Seraphim Space Fund have used substantially all of this cash (net of tax) to subscribe for 26,296,402 new ordinary shares in the Company at a price of 100p per share. These new ordinary shares rank pari passu with the existing ordinary shares in issue. The valuation is based on the volume-weighted average price per share for the interests owned by the Seraphim Space Fund in Arqit for the five days trading from and including the date of Arqit's listing.

As a result of this issue, the total number of ordinary shares in issue now stands at 212,129,854 and the total number of voting rights in the Company is 212,129,854. There are no shares held in treasury.

The above figure of  212,129,854 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Applications have been made to the Financial Conduct Authority (the "FCA") and the London Stock Exchange (the "LSE") for the admission of 26,296,402  new ordinary shares to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of the LSE. Admission is expected to take place at 8:00 a.m. on Wednesday, 22 September 2021.

Mark Boggett, CEO of Seraphim Space (Manager) LLP, the Company's investment manager, commented:

"Arqit is building the world's first global quantum key distribution network - delivering quantum safe cryptographic services from a constellation of low earth orbiting small satellites from 2023. This British company has the potential to revolutionise the transfer of secure data worldwide. We backed this company from seed stage investing every round up to its Nasdaq admission. We have great conviction in its outlook and in particular the ability of the experienced management team to execute against their growth plans. It has over $130 million in contracts already from blue chip enterprise and government customers and $1.1bn in the pipeline. We are very proud to be a continuing part of its growth story."

Will Whitehorn, Chair of Seraphim Space, commented:

"Arqit is yet another example of how Seraphim Space is backing industry leaders that are tackling some of the world's most pressing issues. As a cybersecurity company specialising in next-generation encryption services, Arqit plays a crucial role in protecting against threats to the entire digital world, including financial services, automation and even security."

- Ends -

Media Enquiries

Seraphim Space (Manager) LLP (via SEC Newgate)
Mark Boggett, CEO / James Bruegger, CIO / Rob Desborough         

SEC Newgate (Communications advisers)                                      seraphim@secnewgate.co.uk 
Emma Kane / Clotilde Gros / Bob Huxford                                                         +44 (0) 3757 6767
 

Deutsche Bank 
Mark Hankinson / Neil Collingridge / Neil Coleman                                       +44 (0) 20 7545 8000
 

J.P. Morgan Cazenove
William Simmonds / Jérémie Birnbaum / Rupert Budge                                  +44 (0) 20 7742 4000
 

Ocorian Administration (UK) Limited                                              seraphimteam@ocorian.com 

Eimear Coleman / Peter Davidson                                                                         +44 28 9078 5880

 Notes to Editors

About Seraphim Space Investment Trust

Seraphim Space Investment Trust is the world's first listed fund focused on Space Tech. The Company seeks exposure predominantly to early and growth stage private financed Space Tech businesses that have the potential to dominate globally and that are sector leaders with first mover advantages in areas such as climate, communications, mobility and cyber security.

The Company listed on the Premium Segment of the London Stock Exchange on 14 July 2021, following an oversubscribed IPO raising £178.4 million.  Following the acquisition of Arqit, it currently has exposure to 17 Space Tech companies and has agreed to acquire investments in a further two companies by 31 December 2021.

Seraphim Space Investment Trust is managed by Seraphim Space (Manager) LLP.

Further information is available at:  www.seraphim.vc