Pasqal discloses Bpifrance board nomination right

Bpifrance Investissement gains the right to designate one Pasqal board member while it continues to hold any ordinary shares.

Rhea-AI Filing Summary

Pasqal Holding SA (PSQL) has a new Section 16 reporting person, Bpifrance Investissement S.A.S., which is treated as a director by deputization. Under an August 27, 2026 letter agreement, for as long as Bpifrance Investissement and its affiliates beneficially own any ordinary shares, it may propose one member to Pasqal’s Board of Directors, initially through a legal-entity board member that has appointed Nicolas Berdou as its permanent representative.

Key Terms

director by deputization, Section 16 of the Securities Exchange Act of 1934, permanent representative

3 terms

director by deputization regulatory

"the reporting person may be deemed a "director by deputization" of the Issuer"

Section 16 of the Securities Exchange Act of 1934 regulatory

"for purposes of Section 16 of the Securities Exchange Act of 1934"

A provision of federal securities law that requires company insiders—directors, officers and large shareholders—to publicly report their stock holdings and trades and to surrender any “short-swing” profits from purchases and sales within a six-month window. It acts like a rule that forces leaders to announce their trades and prevents quick buy-sell windfalls, giving investors transparency into insider activity and reducing opportunities for unfair gain.

permanent representative regulatory

"has appointed Nicolas Berdou as its permanent representative"

FAQ

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

What does this Form 3 disclose about Pasqal Holding SA (PSQL)?

It discloses that Bpifrance Investissement S.A.S. is a Section 16 reporting person for Pasqal Holding SA and may be deemed a director by deputization due to its contractual right to designate one member of the Board of Directors.

What board rights does Bpifrance Investissement have at PSQL?

Bpifrance Investissement has the right to propose the appointment of one member to Pasqal’s Board of Directors for so long as it and its affiliates beneficially own any ordinary shares of Pasqal.

Who will initially occupy the board seat linked to Bpifrance at PSQL?

The board seat designated by Bpifrance Investissement will initially be held by a legal entity that, under French law, has appointed Nicolas Berdou as its permanent representative on Pasqal’s Board of Directors.

What does 'director by deputization' mean in the PSQL Form 3 context?

Bpifrance Investissement may be deemed a "director by deputization" of Pasqal for purposes of Section 16 of the Securities Exchange Act of 1934, because it designates a board member who serves as its representative.

Does the Bpifrance Form 3 for PSQL report any share transactions?

No. The Form 3 contains no reported transactions; it identifies Bpifrance Investissement S.A.S. as a reporting person and describes its right to designate one Pasqal board member, but does not list any purchases, sales, or holdings data.

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

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Available on EDGAR 09/03/2026 - 05:37 PM EDT Accepted by SEC EDGAR 09/03/2026 - 05:09 PM EDT Learn about SEC filing dates

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
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1. Name and Address of Reporting Person^*

Bpifrance Investissement S.A.S.

(Last) (First) (Middle)

6-8, BOULEVARD HAUSSMANN

(Street)

PARIS I0 75009

(City) (State) (Zip)

FRANCE

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
08/27/2026

3. Issuer Name and Ticker or Trading Symbol
Pasqal Holding SA [ PSQL ]

3a. Foreign Trading Symbol

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

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

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

Pasqal Holding SA (the "Issuer") and Bpifrance Investissement S.A.S. ("Bpifrance Investissement") entered into a letter agreement, dated August 27, 2026, pursuant to which, for so long as Bpifrance Investissement and its affiliates beneficially own any ordinary shares of the Issuer, Bpifrance Investissement will be entitled to propose the appointment of one member to the Issuer's Board of Directors. The board seat designated by Bpifrance Investissement will initially be held by a legal entity that, in accordance with French law, has appointed Nicolas Berdou as its permanent representative. Accordingly, the reporting person may be deemed a "director by deputization" of the Issuer for purposes of Section 16 of the Securities Exchange Act of 1934.

No securities are beneficially owned.

	/s/ Sophie Paquin, Director of Legal Affairs, Bpifrance Investissement S.A.S.	09/02/2026
	** 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 5 (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 3: SEC 1473 (03-26)