newcleo: 326,049 Shares Acquired, $15/$18 Triggers

The Class B Shares convert into Ordinary Shares only if the specified price thresholds are reached during the stated period.

Available on EDGAR 09/23/2026 - 08:36 PM EDT Accepted by SEC EDGAR 09/23/2026 - 08:35 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

newcleo plc director Lefebvre d'Ovidio Manfredi reported Emmeplus Limited’s indirect acquisition of 326,049 Class B Shares on September 21, 2026, issued under a Business Combination Agreement. The shares automatically convert and are re-designated into the same number of Ordinary Shares on a one-for-one basis: 50% if the volume-weighted average price per Ordinary Share reaches $15.00 during any 20 trading days within a 30 trading day period, and 50% if it reaches $18.00 during any trading days within a 30 trading day period. Price attainment must occur during the period beginning September 21, 2026 and ending on the five-year anniversary.

Insider Trade Summary

Grant/Award: 326,049 shares

Grant/Award 1 txn

Insider Lefebvre d'Ovidio Manfredi

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class B Shares F1	326,049	$0.00	$0.00

Holdings After Transaction: Class B Shares — 326,049 shares (Indirect, By Emmeplus Limited)

Footnotes (1)

1. F1. Reflects the issuance of Class B Shares in accordance with that certain Business Combination Agreement, dated as of May 26, 2026, by and between Newhold Investment Corp III, Newcleo1 Ltd., Newcleo2 Ltd., and Newcleo Ltd.. The Class B Shares will automatically convert and be re-designated into the same number of Ordinary Shares, on a one-for-one basis, as follows: (i) 50% in the event the volume-weighted average price per Ordinary Share equals or exceeds $15.00 during any 20 trading days within a 30 trading day period and (ii) 50% in the event the volume-weighted average price per Ordinary Share equals or exceeds $18.00 during any trading days within a 30 trading day period, provided that such price attainment occurs during the period beginning on September 21, 2026 and ending on the five-year anniversary thereof.

Key Figures

Class B Shares acquired: 326,049 shares Ordinary Shares underlying the Class B Shares: 326,049 shares First conversion portion: 50% +4 more

7 metrics

Class B Shares acquired 326,049 shares Indirect acquisition by Emmeplus Limited on September 21, 2026

Ordinary Shares underlying the Class B Shares 326,049 shares Conversion on a one-for-one basis

First conversion portion 50% Subject to the $15.00 volume-weighted average price threshold

First conversion price condition $15.00 per Ordinary Share Any 20 trading days within a 30 trading day period

Second conversion portion 50% Subject to the $18.00 volume-weighted average price threshold

Second conversion price condition $18.00 per Ordinary Share Any trading days within a 30 trading day period

Conversion condition period Five-year anniversary Begins September 21, 2026

Key Terms

Business Combination Agreement, volume-weighted average price, one-for-one basis, re-designated

4 terms

Business Combination Agreement technical

"in accordance with that certain Business Combination Agreement"

A business combination agreement is a detailed contract that lays out the terms for two companies to join together—covering price, how ownership will be split, the steps needed to close the deal, and what each side promises to do or avoid before closing. For investors it matters because the agreement determines potential changes in value, control, timing, and risk exposure—think of it like the playbook for a merger that shows who wins, who pays, and what could still derail the plan.

volume-weighted average price financial

"volume-weighted average price per Ordinary Share"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

one-for-one basis technical

"on a one-for-one basis"

re-designated technical

"automatically convert and be re-designated"

FAQ

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

How many newcleo (NWCL) Class B Shares did Emmeplus Limited acquire?

Emmeplus Limited indirectly acquired 326,049 Class B Shares on September 21, 2026, as reported by newcleo plc director Lefebvre d'Ovidio Manfredi.

What are the conversion conditions for newcleo (NWCL) Class B Shares?

The shares automatically convert and are re-designated one-for-one into the same number of Ordinary Shares in two 50% portions. One portion converts if the volume-weighted average price per Ordinary Share equals or exceeds $15.00 during any 20 trading days within a 30 trading day period; the other converts if it equals or exceeds $18.00 during any trading days within a 30 trading day period. Price attainment must occur between September 21, 2026 and the five-year anniversary.

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

Form 4 Insider Transactions: What Each Field Means →

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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)

55 SOUTH AUDLEY STREET

(Street)

LONDON W1K 2QH

(City) (State) (Zip)

UNITED KINGDOM

(Country)

2. Issuer Name and Ticker or Trading Symbol
newcleo plc [ NWCL ]

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)
09/21/2026

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Shares	(1)	09/21/2026		A		326,049(1)		(1)	(1)	Ordinary Shares	326,049	$0	326,049	I	By Emmeplus Limited

Explanation of Responses:

1. Reflects the issuance of Class B Shares in accordance with that certain Business Combination Agreement, dated as of May 26, 2026, by and between Newhold Investment Corp III, Newcleo1 Ltd., Newcleo2 Ltd., and Newcleo Ltd.. The Class B Shares will automatically convert and be re-designated into the same number of Ordinary Shares, on a one-for-one basis, as follows: (i) 50% in the event the volume-weighted average price per Ordinary Share equals or exceeds $15.00 during any 20 trading days within a 30 trading day period and (ii) 50% in the event the volume-weighted average price per Ordinary Share equals or exceeds $18.00 during any trading days within a 30 trading day period, provided that such price attainment occurs during the period beginning on September 21, 2026 and ending on the five-year anniversary thereof.

	/s/ Kateryna Fedorova, attorney-in-fact for Manfredi Lefebvre d'Ovidio de Clunieres di Balsorano	09/23/2026
	** 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)