Smith Mark A. 4
4 · Real Asset Acquisition Corp. · Filed Jul 16, 2026
Research Summary
AI-generated summary of this filing
RAAQ Director Mark A. Smith Converts 75,000 Shares in Merger
What Happened
Mark A. Smith, a director of Real Asset Acquisition Corp. (RAAQ), completed a series of conversion/disposition transactions on July 1, 2026 related to the issuer’s business combination with IQM. The Form 4 shows three related transactions (two conversions of derivative securities and one disposition to the issuer) affecting 25,000 shares each — a total of 75,000 RAAQ shares — all reported as disposed/converted with no cash proceeds (values reported as N/A or $0). These were not open-market sales but part of the merger exchange of RAAQ shares into IQM ordinary shares under the Business Combination Agreement.
Key Details
- Transaction date: July 1, 2026 (reported on Form 4 filed July 16, 2026).
- Transactions reported:
- Conversion of derivative security (C): 25,000 shares — disposed — N/A
- Disposition to issuer (D): 25,000 shares — disposed — N/A
- Conversion of derivative security (C): 25,000 shares — disposed — $0 (reported as derivative)
- Total RAAQ shares affected: 75,000 shares converted/disposed.
- Shares owned after transaction (RAAQ): Form 4 reports those RAAQ shares were converted/exchanged; RAAQ holdings were effectively disposed/converted into IQM shares.
- Footnotes: F1/F2 — On July 1, 2026 (closing date) each Class B RAAQ share converted to Class A one-for-one, and then each Class A share was cancelled and exchanged one-for-one for IQM ordinary shares per the Business Combination Agreement.
- Filing timeliness: Form filed July 16 for July 1 transactions — appears late relative to the typical 2-business-day Form 4 deadline.
Context
These entries reflect a corporate-exchange transaction tied to the merger, not a market sale or insider cashing out. For retail investors, note this does not signal a buy/sell decision by the director on the open market — it documents the conversion/exchange mechanics under the business combination.
Insider Transaction Report
- Conversion
Class A Ordinary Shares
[F1]2026-07-01−25,000→ 25,000 total - Disposition to Issuer
Class A Ordinary Shares
[F2]2026-07-01−25,000→ 0 total - Conversion
Class B Ordinary Shares
[F1]2026-07-01−25,000→ 0 total→ Class A Ordinary Shares (25,000 underlying)
Footnotes (2)
- [F1]Pursuant to the Business Combination Agreement by and among the Issuer, IQM Quantum Computers Oyj ("IQM"), IQM US LLC and ECLIPSE QC S.A .r.l. dated as of February 22, 2026 (the "BCA"), on July 1, 2026 (the "Closing Date"), the Issuer consummated its initial business combination with IQM (the "Business Combination"). On the Closing Date, each Class B ordinary share of the Issuer was automatically converted into Class A ordinary shares of the Issuer on a one-to-one basis.
- [F2]Pursuant to the BCA, on the Closing Date, each Class A ordinary share of the Issuer was cancelled and exchanged for IQM ordinary shares on a one-to-one basis.