Arqit (ARQQ) Director Lefebvre d'Ovidio Sells Warrants

What Happened

• Director Lefebvre d'Ovidio Manfredi sold Business Combination Warrants (derivative securities) in two open-market transactions: 404 warrants on 2026-07-09 and 8 warrants on 2026-07-10, at a weighted average price of $1.19 per warrant, for total proceeds of about $491. These were sales (not purchases), so they are routine dispositions rather than new insider purchases.

Key Details

• Transaction dates and amounts:
  • 2026-07-09: Sold 404 Business Combination Warrants at a weighted-average price of $1.19 — proceeds ≈ $481. (Footnote indicates warrants were sold in multiple trades at prices ranging $1.14–$1.32.)
  • 2026-07-10: Sold 8 Business Combination Warrants at a weighted-average price of $1.19 — proceeds ≈ $10. (Footnote indicates prices ranged $1.18–$1.20.)
• Total sold: 412 warrants for ≈ $491.
• Holdings reported: The filing states the reporting person beneficially owns 352,421 Business Combination Warrants (which, post-reverse-split, would be equivalent to 14,096.84 ordinary ARQQ shares if exercised in full).
• Footnote on reverse split/exercise: After a 25-for-1 reverse split, each Business Combination Warrant can be exercised to buy 0.04 of an ARQQ share; holders must exercise 25 warrants to receive one whole share (aggregate exercise price $287.50 per whole share).
• Filing timeliness: Form 4 was filed 2026-07-13 for transactions on 2026-07-09 and 07-10; the filing appears timely under the standard two-business-day rule.
• Exemption note: Because Arqit is a foreign private issuer, the reporting person's transactions are stated to be exempt from Sections 16(b) and 16(c) of the Exchange Act.

Context

• These transactions involved sale of warrants (derivatives), not ordinary shares. Warrants represent the right to buy a small fraction of a share post-reverse-split (0.04 share per warrant), so selling warrants is different from selling shares.
• The total dollar amount is small (~$491), so this is a minor disposition and not necessarily informative about management’s view of the company's stock.