How was the IRSA (IRS) transaction price of $1.53 per share calculated?

The $1.53 price is the U.S. dollar equivalent of ARS 2,400 per ordinary share. It was calculated using an implied exchange rate of 1,567.3575 ARS per 1.00 USD, derived from NYSE ADS and BYMA ordinary share closing prices.

IRSA (NYSE: IRS) CIO exits 24,913-share stake in open-market sale

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

IRSA INVESTMENTS & REPRESENTATIONS INC Chief Investment Officer Jorge Alberto Cruces reported an open-market sale of 24,913 common shares at $1.53 per share. After this transaction, he reported holding 0 shares directly.

The reported U.S. dollar price reflects an Argentine peso price of ARS 2,400 per ordinary share, using an implied exchange rate of 1,567.3575 ARS per 1.00 USD and a ratio of 10 ordinary shares per 1 American Depositary Share listed on the NYSE.

Insider Trade Summary

Net Seller: 24,913 shares ($38,117)

Net Sell 1 txn

Insider Cruces Jorge Alberto

Role Chief Investment Officer

Sold 24,913 shs ($38K)

Type	Security	Shares	Price	Value
Sale	Common Shares	24,913	$1.53	$38K

Holdings After Transaction: Common Shares — 0 shares (Direct, null)

Footnotes (1)

[object Object]

Key Figures

Shares sold: 24,913 shares Sale price: $1.53 per share Local currency price: ARS 2,400 per share +3 more

6 metrics

Shares sold 24,913 shares Common Shares sold on 2026-06-30

Sale price $1.53 per share Reported U.S. dollar price per common share

Local currency price ARS 2,400 per share Argentine peso price per ordinary share underlying the ADS

Implied FX rate 1,567.3575 ARS per 1.00 USD Rate used to convert ARS price to USD equivalent

ADS to ordinary ratio 10 ordinary shares per 1 ADS Ratio used between NYSE ADS and BYMA ordinary shares

Shares after transaction 0 shares Total common shares held directly after reported sale

Key Terms

open-market sale, American Depositary Shares, implied exchange rate, Bolsas y Mercados Argentinos (BYMA)

4 terms

open-market sale financial

"reported an open-market sale of 24,913 common shares"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

American Depositary Shares financial

"derived from the closing price of the Issuer's American Depositary Shares (ADS)"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

implied exchange rate financial

"calculated based on an implied exchange rate of 1,567.3575 ARS per 1.00 USD"

Bolsas y Mercados Argentinos (BYMA) financial

"relative to the closing price of the underlying ordinary shares on the Bolsas y Mercados Argentinos (BYMA)"

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/30/2026 - 05:35 PM Accepted by SEC EDGAR 06/30/2026 - 05:34 PM

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^*

Cruces Jorge Alberto

(Last)

(First)

(Middle)

CARLOS DELLA PAOLERA 261, 9TH FLOOR

(Street)

BUENOS AIRES

C1001ADA

(City)

(State)

(Zip)

ARGENTINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
IRSA INVESTMENTS & REPRESENTATIONS INC [ IRS ]

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

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

2a. Foreign Trading Symbol
[IRSA]

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

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)
Common Shares	06/30/2026		S		24,913	D	$1.53⁽¹⁾	0	D

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)

Explanation of Responses:

1. The price reported in Column 4 is the U.S. Dollar (USD) equivalent of Argentine Pesos (ARS) 2,400 per ordinary share. This equivalent is calculated based on an implied exchange rate of 1,567.3575 ARS per 1.00 USD, resulting in a reported price of USD 1.53 per ordinary share. This implied rate is derived from the closing price of the Issuer's American Depositary Shares (ADS) on the NYSE on June 30, 2026, relative to the closing price of the underlying ordinary shares on the Bolsas y Mercados Argentinos (BYMA), adjusting for the ratio of 10 ordinary shares per 1 ADS.

	/s/Amalia Cristina Sternheim by POA for Jorge Alberto Cruces	06/30/2026
	** 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

FAQ

What insider transaction did IRSA (IRS) report for Jorge Alberto Cruces?

IRSA reported that Chief Investment Officer Jorge Alberto Cruces executed an open-market sale of 24,913 common shares. The transaction reflects a complete disposal of his directly held position, as his reported direct ownership after the sale is 0 shares.

At what price were the IRSA (IRS) shares sold in this Form 4 filing?

The shares were sold at a reported price of $1.53 per common share. This U.S. dollar figure is based on an underlying price of ARS 2,400 per ordinary share, converted using an implied exchange rate from NYSE and BYMA closing prices.

How many IRSA (IRS) shares does the insider hold after this transaction?

Following the reported open-market sale of 24,913 common shares, the filing shows total shares owned directly by Jorge Alberto Cruces as 0. This indicates his directly reported common share holdings were fully sold in this particular transaction.

What is the relationship between IRSA (IRS) ADS and ordinary shares mentioned?

The filing explains that IRSA’s American Depositary Shares listed on the NYSE each represent 10 ordinary shares. This 10-to-1 ratio was used, along with respective closing prices, to derive the implied exchange rate applied in the price calculation.