Pasqal (PSQL) 10% Owner Reymond Georges-Olivier Receives Award

What Happened
Reymond Georges-Olivier, a reported 10% owner of Pasqal Holding SA (PSQL), received 22,185,680 newly issued ordinary shares of the issuer and 8,000 derivative award units (BSPCE-related) on August 27, 2026. The shares were issued as a non-cash conversion/award tied to the closing of the issuer’s business combination (merger) and therefore show no per-share cash price on the Form 4 (price = N/A).

Key Details

• Transaction date: 2026-08-27; filing date: 2026-08-27 (same-day filing, timely).
• Primary grant: 22,185,680 ordinary shares issued pursuant to the merger; price reported as N/A (conversion/award).
• Derivative award: 8,000 BSPCE-related rights (reported as a derivative acquisition), price reported as N/A.
• Conversion mechanics: Legacy Pasqal shares were converted into issuer shares using the exchange ratio of 22.7361449900136 per the Business Combination Agreement.
• BSPCE specifics: legacy BSPCEs were assumed and adjusted by the issuer. Exercise price for the BSPCEs is EUR 50. Per the filing, 2,000 BSPCEs have fully vested and are exercisable for 45,472 ordinary shares; the remaining BSPCEs vest in three equal annual installments beginning March 15, 2027.
• Shares owned after transaction: not specified in the Form 4 beyond the amounts reported as acquired in this filing.
• Footnotes reference: awards received pursuant to the merger and the merger structure (reincorporation and merger of legacy Pasqal into Bleichroeder Surviving Corporation renamed Pasqal Holding SA).

Context
This was not a cash purchase or sale but a conversion/award tied to the closing of Pasqal’s business combination; such transactions typically reflect ownership conversion and option assumption rather than active trading. As a 10% owner, Reymond Georges-Olivier is a significant holder; these entries reflect ownership conversion and option treatment under the merger terms, not a routine open‑market buy or sell. The BSPCE items are derivative option‑type rights common in French companies (assumed and adjusted in the merger) and include an exercise price and vesting schedule noted above.