Lefebvre d'Ovidio Manfredi 4

What Happened

• Director Lefebvre d'Ovidio Manfredi sold Business Combination Warrants (a derivative security) in two open-market transactions: 40 warrants on 2026-07-07 at a weighted average price of $1.17 (proceeds $47) and 110 warrants on 2026-07-08 at a weighted average price of $1.40 (proceeds $154). Total proceeds reported: $201.
• These were sales of warrants, not sales of Arqit ordinary shares—sales are typically routine insider liquidity events and do not necessarily indicate a change in company fundamentals.

Key Details

• Transaction dates and prices: 2026-07-07 — 40 warrants @ $1.17 (WAP); 2026-07-08 — 110 warrants @ $1.40 (WAP).
• Total warrants sold: 150; total proceeds: $201.
• Reported beneficial holdings: the filing’s footnote states the reporting person beneficially owns 362,721 Business Combination Warrants (as reported).
• Notable footnotes:
  • Reverse split: Arqit completed a 25-for-1 reverse stock split (9/19/2024). Each warrant converts to 0.04 post-split share; warrants are exercisable only in whole warrant increments, so 25 warrants are needed to obtain one whole ordinary share at an aggregate exercise price of $287.50.
  • Pricing ranges: the 7/7 sale prices ranged $1.15–$1.19 (weighted avg $1.17); the 7/8 sales ranged $1.32–$1.49 (weighted avg $1.40).
• Filing/timeliness: Form 4 was filed 2026-07-09 for transactions on 2026-07-07 and 2026-07-08; the filing appears timely. The filing also notes the issuer’s foreign private issuer status and that these transactions are exempt from Sections 16(b) and 16(c).

Context

• These were warrant sales (derivative disposals), not exercises or sales of ordinary shares. Each Business Combination Warrant has an $11.50 exercise price and, after the reverse split, 25 warrants are required to purchase one whole share.
• Sales by insiders can be routine liquidity; they are informative about insider activity but do not, by themselves, prove sentiment about future company prospects.