Pasqal director receives 973K-share award

Pasqal Holding SA (PSQL) reported that director Alain Jean Aspect received 973,107 ordinary shares on August 27, 2026 as a grant/award acquisition.

Rhea-AI Filing Summary

Pasqal Holding SA (PSQL) reported that director Alain Jean Aspect received 973,107 ordinary shares on August 27, 2026 as a grant/award acquisition. These shares represent his previously held ordinary shares of Pasqal Holding SAS, which were automatically converted into Pasqal Holding SA ordinary shares under the companies' Business Combination Agreement.

Insider Trade Summary

Grant/Award: 973,107 shares

Grant/Award 1 txn

Insider Aspect Alain Jean

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Ordinary Shares F1, F2, F3	973,107	--	--

Holdings After Transaction: Ordinary Shares — 973,107 shares (Direct)

Footnotes (3)

1. F1. Received pursuant to the consummation of the Issuer's business combination, in connection with the Agreement and Plan of Merger, dated as of February 28, 2026 (as amended, supplemented or otherwise modified from time to time, the "Business Combination Agreement"), by and among Bleichroeder Acquisition Corp. II ("Bleichroeder"), Bleichroeder Acquisition France Merger Sub 2 ("Merger Sub"), and Pasqal Holding SAS ("Legacy Pasqal"), which provided for, among other things and subject to the terms and conditions contained in the Business Combination Agreement,
2. F2. Footnote 1 continued- (i) the merger of Bleichroeder with and into Merger Sub, with Merger Sub continuing as the surviving company (the "Reincorporation Merger", and Merger Sub as the surviving company of the Reincorporation Merger, the "Bleichroeder Surviving Corporation") and (ii) the merger of Legacy Pasqal with and into the Bleichroeder Surviving Corporation, with the Bleichroeder Surviving Corporation continuing as the surviving company and changing its name to "Pasqal Holding SA".
3. F3. Represents ordinary shares of Legacy Pasqal that were held directly by the Reporting Person, which, upon the consummation of the Issuer's business combination and pursuant to the exchange ratio of 22.7361449900136 set forth in the Business Combination Agreement, were automatically converted into newly issued ordinary shares of the Issuer.

Key Figures

Ordinary shares acquired: 973,107 shares Shares held after transaction: 973,107 shares Exchange ratio: 22.7361449900136 +1 more

4 metrics

Ordinary shares acquired 973,107 shares Grant/award acquisition on August 27, 2026

Shares held after transaction 973,107 shares Total direct holdings of Alain Jean Aspect after reported acquisition

Exchange ratio 22.7361449900136 Legacy Pasqal ordinary shares converted into Pasqal Holding SA ordinary shares under Business Combination Agreement

Number of acquire-type transactions 1 transaction Form 4 transaction summary for August 27, 2026

Key Terms

Business Combination Agreement, Reincorporation Merger, exchange ratio, Bleichroeder Acquisition Corp. II, +1 more

5 terms

Business Combination Agreement regulatory

"in connection with the Agreement and Plan of Merger, dated as of February 28, 2026 (as amended, supplemented or otherwise modified from time to time, the "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.

Reincorporation Merger regulatory

"the merger of Bleichroeder with and into Merger Sub, with Merger Sub continuing as the surviving company (the "Reincorporation Merger""

A reincorporation merger is a corporate action where a company creates or uses a new legal entity in a different jurisdiction and merges the old company into it, effectively changing its legal “home.” For investors it matters because the new legal address can alter taxes, shareholder rights, regulatory requirements and listing rules—think of it like a household moving to a new state where different laws and costs apply; the move can change paperwork, investor protections and potential long‑term value.

exchange ratio financial

"pursuant to the exchange ratio of 22.7361449900136 set forth in the Business Combination Agreement"

The exchange ratio is the number used to decide how many shares of one company you get for each share you own in another company during a merger or acquisition. It’s like a recipe that tells you how to swap shares fairly, ensuring both companies’ values are balanced. This ratio matters because it determines how ownership divides between the companies' shareholders.

Bleichroeder Acquisition Corp. II regulatory

"by and among Bleichroeder Acquisition Corp. II ("Bleichroeder"), Bleichroeder Acquisition France Merger Sub 2"

ordinary shares financial

"Represents ordinary shares of Legacy Pasqal that were held directly by the Reporting Person"

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.

FAQ

What transaction did PSQL director Alain Jean Aspect report on this Form 4?

Alain Jean Aspect reported an acquisition of 973,107 ordinary shares of Pasqal Holding SA on August 27, 2026, recorded as a grant/award acquisition related to the company’s business combination structure.

How many PSQL shares does Alain Jean Aspect hold after this reported transaction?

After the reported transaction, Alain Jean Aspect holds 973,107 ordinary shares of Pasqal Holding SA directly, as disclosed as the total shares following the transaction.

What was the source of the 973,107 Pasqal Holding SA (PSQL) shares reported by Alain Jean Aspect?

The 973,107 ordinary shares of Pasqal Holding SA represent ordinary shares of Legacy Pasqal previously held by Alain Jean Aspect, which were automatically converted into newly issued Pasqal Holding SA shares under an exchange ratio of 22.7361449900136 in the Business Combination Agreement.

Was the reported PSQL share acquisition by Alain Jean Aspect an open-market purchase?

No. The filing describes the transaction as a grant/award acquisition tied to the consummation of a business combination and an automatic share conversion under the Business Combination Agreement, not as an open-market purchase.

Is Alain Jean Aspect’s PSQL Form 4 transaction under a Rule 10b5-1 trading plan?

The Form 4 indicates that no Rule 10b5-1 trading plan was affirmed for this transaction, as the relevant checkbox is not marked as being made under such a plan.

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

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Available on EDGAR 09/02/2026 - 09:11 AM Accepted by SEC EDGAR 08/27/2026 - 04:34 PM Learn about SEC filing dates

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^*

Aspect Alain Jean

(Last) (First) (Middle)

C/O PASQAL HOLDING SA

24 AV. EMILE BAUDOT

(Street)

PALAISEAU 91120

(City) (State) (Zip)

FRANCE

(Country)

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

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)
08/27/2026

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
Ordinary Shares(1)(2)	08/27/2026		A(1)(2)		973,107	A	(1)(2)	973,107(3)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Received pursuant to the consummation of the Issuer's business combination, in connection with the Agreement and Plan of Merger, dated as of February 28, 2026 (as amended, supplemented or otherwise modified from time to time, the "Business Combination Agreement"), by and among Bleichroeder Acquisition Corp. II ("Bleichroeder"), Bleichroeder Acquisition France Merger Sub 2 ("Merger Sub"), and Pasqal Holding SAS ("Legacy Pasqal"), which provided for, among other things and subject to the terms and conditions contained in the Business Combination Agreement,

2. Footnote 1 continued- (i) the merger of Bleichroeder with and into Merger Sub, with Merger Sub continuing as the surviving company (the "Reincorporation Merger", and Merger Sub as the surviving company of the Reincorporation Merger, the "Bleichroeder Surviving Corporation") and (ii) the merger of Legacy Pasqal with and into the Bleichroeder Surviving Corporation, with the Bleichroeder Surviving Corporation continuing as the surviving company and changing its name to "Pasqal Holding SA".

3. Represents ordinary shares of Legacy Pasqal that were held directly by the Reporting Person, which, upon the consummation of the Issuer's business combination and pursuant to the exchange ratio of 22.7361449900136 set forth in the Business Combination Agreement, were automatically converted into newly issued ordinary shares of the Issuer.

	/s/ Stephane Rougeot, by power of attorney	08/27/2026
	** 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)