What is the effective cost to obtain one whole Arqit (ARQQ) ordinary share via warrants?

Holders must exercise 25 Business Combination Warrants to receive one whole ordinary share. With each warrant carrying an $11.50 exercise price, the aggregate exercise price per whole Arqit ordinary share is $287.50, reflecting the post-reverse-split warrant structure described in the footnote.

Arqit-linked entity sells 484 Business Combination Warrants

Arqit Quantum Inc. director-associated entity Heritage Assets SCSp reported open-market sales of Business Combination Warrants linked to the company’s ordinary shares.

Filing Impact

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Filing Sentiment

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Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

Arqit Quantum Inc. director-associated entity Heritage Assets SCSp reported open-market sales of Business Combination Warrants linked to the company’s ordinary shares. On April 22, 2026, it sold 381 warrants at $3.10 each, and on April 21, 2026, it sold 103 warrants at $2.80 each.

Each Business Combination Warrant has an exercise price of $11.50 and, after a 1-for-25 reverse stock split, entitles the holder to purchase 0.04 of an Arqit ordinary share. Holders must exercise 25 warrants to receive one whole share at an aggregate exercise price of $287.50. The reporting person beneficially owns 701,270 warrants, equivalent to 28,050.8 ordinary shares on a post-split basis.

Insider Trade Summary

Net Seller: 484 shares

Net Sell 2 txns

Insider Lefebvre d'Ovidio Manfredi

Role Director

Sold 484 shs ($1K)

Type	Security	Shares	Price	Value
Sale	Business Combination Warrants (right to buy)	381	$3.10	$1K
Sale	Business Combination Warrants (right to buy)	103	$2.80	$288.40

Holdings After Transaction: Business Combination Warrants (right to buy) — 56,483 contracts (Indirect, Beneficially owned through Heritage Assets SCSp)

Footnotes (1)

F1. On September 19, 2024, Arqit Quantum Inc. (ARQQ) announced the implementation of a reverse stock split whereby every 25 outstanding ARQQ ordinary shares were consolidated into one ordinary share, par value $0.0025 per share. Each Business Combination Warrant has an exercise price of $11.50 and can be exercised at any time, at the holder's election, to purchase 0.04 of an ARQQ ordinary share on a post-reverse stock split basis, and cannot be exercised for fractional shares. Accordingly, on a post-reverse stock split basis holders of Business Combination Warrants are required to exercise at least 25 Business Combination Warrants in order to receive one whole ARQQ ordinary share at an aggregate exercise price of $287.50 per whole ARQQ ordinary share. The reporting person beneficially owns 701,270 Business Combination Warrants, which, if exercised in full, would be equivalent to 28,050.8 ARQQ ordinary shares on a post-reverse stock split basis.

Key Figures

Warrants sold 22 Apr 2026: 381 warrants at $3.10 Warrants sold 21 Apr 2026: 103 warrants at $2.80 Total warrants sold: 484 warrants +5 more

8 metrics

Warrants sold 22 Apr 2026 381 warrants at $3.10 Open-market sale of Business Combination Warrants

Warrants sold 21 Apr 2026 103 warrants at $2.80 Open-market sale of Business Combination Warrants

Total warrants sold 484 warrants Net-sell across two derivative transactions

Exercise price per warrant $11.50 per warrant Business Combination Warrant exercise price

Share equivalent per warrant 0.04 ordinary share Post-reverse-split entitlement per warrant

Warrants for one share 25 warrants per share Required to receive one whole ordinary share

Aggregate exercise per share $287.50 per ordinary share 25 warrants multiplied by $11.50 exercise price

Warrants beneficially owned 701,270 warrants Equivalent to 28,050.8 ordinary shares post split

Key Terms

Business Combination Warrants, reverse stock split, exercise price, ordinary shares, +1 more

5 terms

Business Combination Warrants financial

"Each Business Combination Warrant has an exercise price of $11.50"

reverse stock split financial

"announced the implementation of a reverse stock split whereby every 25 outstanding"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

exercise price financial

"Each Business Combination Warrant has an exercise price of $11.50"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

ordinary shares financial

"to purchase 0.04 of an ARQQ ordinary share on a post-reverse stock split basis"

Ordinary shares are a type of ownership stake in a company, giving shareholders a right to participate in the company’s profits and decision-making through voting. They are similar to owning a piece of a business, and their value can rise or fall based on the company's performance. Investors buy ordinary shares to potentially earn dividends and benefit from the company's growth over time.

beneficially owns financial

"The reporting person beneficially owns 701,270 Business Combination Warrants"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Arqit Quantum Inc. (ARQQ) report on this Form 4?

The filing reports two open-market sales of Arqit Business Combination Warrants. Heritage Assets SCSp sold 381 warrants at $3.10 on April 22, 2026 and 103 warrants at $2.80 on April 21, 2026, all indirectly attributed to director Lefebvre d'Ovidio Manfredi.

How many Arqit (ARQQ) Business Combination Warrants were sold in total?

In total, 484 Business Combination Warrants were sold across the two transactions. One sale covered 381 warrants at $3.10 per warrant and the other covered 103 warrants at $2.80 per warrant, both executed in open-market or private sale transactions.

Who is the actual holder of the Arqit (ARQQ) warrants in this Form 4?

The warrants are beneficially owned through Heritage Assets SCSp, an entity associated with director Lefebvre d'Ovidio Manfredi. The ownership is indirect, as indicated by the Form 4’s nature-of-ownership entry, which specifies beneficial ownership through Heritage Assets SCSp rather than direct personal holding.

What does each Arqit (ARQQ) Business Combination Warrant entitle the holder to receive?

Each Business Combination Warrant has a $11.50 exercise price and entitles the holder to purchase 0.04 of an Arqit ordinary share on a post-reverse-split basis. Because fractional shares are not issued, holders must exercise enough warrants to obtain whole ordinary shares.

How did Arqit’s reverse stock split affect the Business Combination Warrants?

Arqit implemented a reverse stock split where every 25 ordinary shares became one share. After this, each Business Combination Warrant still has an $11.50 exercise price but now represents 0.04 of a post-split ordinary share. Warrants cannot be exercised for fractional ordinary shares.

How many Arqit (ARQQ) warrants does the reporting person still beneficially own?

The reporting person beneficially owns 701,270 Business Combination Warrants after the transactions. If fully exercised, these warrants would be equivalent to 28,050.8 Arqit ordinary shares on a post-reverse-split basis, based on each warrant representing 0.04 of one ordinary share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 04/23/2026 - 04:05 PM EDT

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lefebvre d'Ovidio Manfredi

(Last)

(First)

(Middle)

3 ORCHARD PLACE

(Street)

LONDON

SW1H 0BF

(City)

(State)

(Zip)

UNITED KINGDOM

(Country)

2. Issuer Name and Ticker or Trading Symbol
Arqit Quantum Inc. [ ARQQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Business Combination Warrants (right to buy)	⁽¹⁾	04/21/2026		S			103	⁽¹⁾	09/03/2026	Ordinary Shares	103	$2.8	28,432.2	I	Beneficially owned through Heritage Assets SCSp
Business Combination Warrants (right to buy)	⁽¹⁾	04/22/2026		S			381	⁽¹⁾	09/03/2026	Ordinary Shares	381	$3.1	28,050.8	I	Beneficially owned through Heritage Assets SCSp

Explanation of Responses:

1. On September 19, 2024, Arqit Quantum Inc. (ARQQ) announced the implementation of a reverse stock split whereby every 25 outstanding ARQQ ordinary shares were consolidated into one ordinary share, par value $0.0025 per share. Each Business Combination Warrant has an exercise price of $11.50 and can be exercised at any time, at the holder's election, to purchase 0.04 of an ARQQ ordinary share on a post-reverse stock split basis, and cannot be exercised for fractional shares. Accordingly, on a post-reverse stock split basis holders of Business Combination Warrants are required to exercise at least 25 Business Combination Warrants in order to receive one whole ARQQ ordinary share at an aggregate exercise price of $287.50 per whole ARQQ ordinary share. The reporting person beneficially owns 701,270 Business Combination Warrants, which, if exercised in full, would be equivalent to 28,050.8 ARQQ ordinary shares on a post-reverse stock split basis.

Remarks:

Due to the issuer's status as a foreign private issuer pursuant to Rule 3a12-3(b) under the Securities Exchange Act of 1934 (the "Act"), the reporting person's transactions in the issuer's securities are exempt from Sections 16(b) and 16(c) of the Act. Ex. 24 - Power of Attorney.

	/s/ Elizabeth Fleming, as Attorney-in-Fact	04/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR