Deal Check: Quantum eMotion is buying Plurilock for revenue. The release does not say what it is paying
Plurilock holders get C$0.084 in cash and 0.0763 of a QeM share each. There is no implied value or premium in the announcement.
September 28, 2026 at 8:00 p.m. EDT · 2 min read
Quantum eMotion (TSXV: QNC, NYSE American: QNC) signed a definitive agreement on September 28 to acquire Plurilock Security (TSXV: PLUR) through a court-approved plan of arrangement.
The logic is stated plainly. QeM develops quantum-secure cybersecurity technology and wants to move "from primarily developing and validating quantum-secure technologies toward a broader commercial cybersecurity business with existing revenues, customers, sales channels and delivery capabilities." Plurilock has those.
The terms
- Per Plurilock share: C$0.084 in cash plus 0.0763 of a QeM share
- Mix: about 30% cash and 70% shares, according to Plurilock's CEO
- Approval: two-thirds of Plurilock shareholders at a special meeting expected in November, plus court approval
- Break fee: C$1.5 million each way, plus expense reimbursement of up to C$500,000
- Protections: non-solicitation by Plurilock, with a right for QeM to match a superior proposal
What is missing
The announcement does not state a total purchase price, an implied value per Plurilock share, or a premium to Plurilock's recent trading price. Because 70% of the consideration is QeM stock, what Plurilock holders actually receive will depend on where QeM shares trade at closing.
The release also describes Plurilock's business as "an established cybersecurity revenue base" without giving revenue figures.
The pitch to each side
QeM holders are told they gain customers, public-sector procurement channels across Canada, the United States and NATO, and a sales organization for technology still moving through NIST and FIPS validation. Plurilock holders are told they keep upside through QeM shares and gain exposure to QeM's U.S. listing.
Plurilock's board received a fairness opinion from Paradigm Capital and the unanimous recommendation of its special committee.
What to watch
The management information circular for the November meeting. It should include the financial detail the release leaves out.
Source: Quantum eMotion and Plurilock joint news release, September 28, 2026.