Pasqal (PSQL) Director Michel Combes Receives 2.51M Shares, 1.5M Warrants

What Happened

• Michel Combes, a director of Pasqal Holding SA (PSQL), is reported as acquiring 2,511,667 ordinary shares and 1,500,000 derivative securities (warrants) on August 27, 2026. No cash was paid — the securities were distributed pro rata by the SPAC sponsor and its managing member in connection with the company’s business combination (SPAC merger).
• Price per share/warrant is listed as N/A and the transactions are reported as "Other acquisition or disposition" (transaction code J). The warrants were generated by automatic conversion of prior SPAC warrants and generally become exercisable 30 days after the business combination and expire five years after the business combination (see footnotes).

Key Details

• Transaction date: August 27, 2026.
• Securities received: 2,511,667 Ordinary Shares; 1,500,000 warrants (derivative securities).
• Price / consideration: No consideration paid (pro rata distribution); price shown as N/A.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Notable footnotes: Transactions arisen from the SPAC Business Combination (conversion of Bleichroeder shares and warrants) and pro rata distributions by Sponsor and BM2 (Rule 16a‑13 exemptions). Securities were distributed to MC Advisory L.L.C‑FZ, an entity of which Mr. Combes is the manager; he may be deemed to beneficially own them but disclaims beneficial ownership except to any pecuniary interest.
• Timeliness: Reported with an August 27, 2026 Form 4 covering the same date — filing appears timely.

Context

• These are distribution receipts tied to a SPAC merger (not open‑market buys or sales). Such sponsor/member distributions are often procedural and exempt under Rule 16a‑13 from Section 16 obligations; they do not necessarily signal personal buying/selling decisions by the insider.
• The 1.5M derivative securities are warrants (per the filing) and have their own exercise window and expiration; exercising warrants would be a separate, later transaction and could be reported differently.