Lefebvre d'Ovidio Manfredi 4

What Happened Lefebvre d'Ovidio Manfredi, a director of Arqit Quantum Inc. (ARQQ), sold Business Combination Warrants in two open‑market transactions. On 2026-07-02 he sold 36 warrants at a weighted average price of $1.40 (proceeds ~$50). On 2026-07-06 he sold 97 warrants at a weighted average price of $1.20 (proceeds ~$116). These were sales (not purchases), producing total proceeds of roughly $166 — a very small amount relative to typical insider trades.

Key Details

• Transaction dates and prices:
  • 2026-07-02: 36 Business Combination Warrants sold at $1.40 (weighted avg) — $50.
  • 2026-07-06: 97 Business Combination Warrants sold at $1.20 (weighted avg) — $116.
• Size of holding: The filing notes the reporting person beneficially owns 366,463 Business Combination Warrants (equivalent to 14,658.52 ARQQ ordinary shares on a post‑reverse‑split basis). The 133 warrants sold represent a very small fraction of that holding.
• Footnotes of interest:
  • F1: After a reverse stock split (1-for-25), each Business Combination Warrant covers 0.04 of an ARQQ share; warrants must be exercised in blocks of 25 to receive one full share. Each warrant’s exercise price is $11.50 (aggregate $287.50 per post‑split share if 25 warrants exercised).
  • F2/F3: Reported prices are weighted averages; sales occurred across price ranges ($1.35–$1.40 and $1.07–$1.32 respectively). The filer will provide a breakdown on request.
• Filing/timeliness: Transactions occurred on July 2 and July 6; the Form 4 was filed July 7. That is outside the typical two‑business‑day window for Section 16 reporting, though the issuer’s status as a foreign private issuer means the reporting person’s transactions are exempt from Sections 16(b) and 16(c) (per the filing remarks).

Context

• These were derivative sales (Business Combination Warrants), not sales of ordinary ARQQ shares. For retail investors: warrant sales can be routine liquidity moves and, given the tiny dollar amount here (~$166 total), this filing is unlikely to signal a material change in insider conviction.
• The warrant terms (post‑reverse split conversion ratio and exercise price) make exercising warrants to obtain common shares relatively expensive; many holders trade the warrants instead of exercising them.