Smith Mark A. 4

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.