What corporate event triggered Neal Robert’s share conversions in Real Asset Acquisition (RAAQ)?

The transactions occurred on the Closing Date of a Business Combination Agreement among Real Asset Acquisition, IQM Quantum Computers Oyj and related entities, when the issuer consummated its initial business combination and automatically converted Class B shares and exchanged Class A shares for IQM ordinary shares.

Real Asset Acquisition director converts and cancels shares

Q: What insider transactions did Real Asset Acquisition Corp. (RAAQ) report for Neal Robert?

Director Neal Robert converted 25,000 Class B ordinary shares into 25,000 Class A shares, then disposed of those 25,000 Class A shares to the issuer on July 1, 2026, as part of a business combination, ending with no Class A holdings.

Q: How many Real Asset Acquisition (RAAQ) shares were converted and cancelled?

A total of 25,000 Class B ordinary shares were converted into 25,000 Class A ordinary shares, and those 25,000 Class A shares were then cancelled and exchanged for IQM ordinary shares under the Business Combination Agreement closing on July 1, 2026.

Q: Does Neal Robert still own Real Asset Acquisition Corp. (RAAQ) Class A shares after these transactions?

No. After converting and then disposing of 25,000 Class A ordinary shares to the issuer on July 1, 2026, Neal Robert reported 0 Class A shares of Real Asset Acquisition Corp. held directly following the business combination with IQM Quantum Computers Oyj.

Q: Were the RAAQ transactions by Neal Robert open-market buys or sales?

They were not open-market trades. The Form 4 shows a conversion of Class B into Class A shares and a disposition to the issuer of Class A shares, all executed pursuant to a Business Combination Agreement rather than through market purchases or sales.

Q: How were Real Asset Acquisition (RAAQ) Class A shares exchanged in the IQM transaction?

Under the Business Combination Agreement, each Class A ordinary share of Real Asset Acquisition was cancelled and exchanged for IQM ordinary shares on a one-to-one basis on July 1, 2026, including the 25,000 Class A shares previously received from converting Class B shares.

Real Asset Acquisition Corp. director Neal Robert converted 25,000 Class B ordinary shares into 25,000 Class A ordinary shares on July 1, 2026, in connection with a business combination with IQM Quantum Computers Oyj.

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

Real Asset Acquisition Corp. director Neal Robert converted 25,000 Class B ordinary shares into 25,000 Class A ordinary shares on July 1, 2026, in connection with a business combination with IQM Quantum Computers Oyj. Those 25,000 Class A shares were then disposed to the issuer and exchanged one-for-one for IQM ordinary shares, leaving him with no Class A holdings in Real Asset Acquisition.

Insider Trade Summary

25,000 shares exercised/converted

Exercise 3 txns

Insider NEAL ROBERT

Role Director

Type	Security	Shares	Price	Value
Conversion	Class B Ordinary Shares ^F1	25,000	$0.00	$0.00
Conversion	Class A Ordinary Shares ^F1	25,000	--	--
Disposition	Class A Ordinary Shares ^F2	25,000	--	--

Holdings After Transaction: Class B Ordinary Shares — 0 contracts (Direct); Class A Ordinary Shares — 0 shares (Direct)

Footnotes (2)

F1. Pursuant to the Business Combination Agreement by and among the Issuer, IQM Quantum Computers Oyj ("IQM"), IQM US LLC and ECLIPSE QC S.A .r.l. dated as of February 22, 2026 (the "BCA"), on July 1, 2026 (the "Closing Date"), the Issuer consummated its initial business combination with IQM (the "Business Combination"). On the Closing Date, each Class B ordinary share of the Issuer was automatically converted into Class A ordinary shares of the Issuer on a one-to-one basis.
F2. Pursuant to the BCA, on the Closing Date, each Class A ordinary share of the Issuer was cancelled and exchanged for IQM ordinary shares on a one-to-one basis.

Key Figures

Converted Class B shares: 25,000 shares Class A shares acquired: 25,000 shares Class A shares disposed to issuer: 25,000 shares +2 more

5 metrics

Converted Class B shares 25,000 shares Class B ordinary shares converted into Class A on July 1, 2026

Class A shares acquired 25,000 shares Class A ordinary shares received from derivative conversion on July 1, 2026

Class A shares disposed to issuer 25,000 shares Class A ordinary shares cancelled and exchanged for IQM ordinary shares under the Business Combination Agreement

Class A holdings after transactions 0 shares Director’s remaining Class A ordinary shares of Real Asset Acquisition after July 1, 2026

Conversion price 0.0000 per share Conversion of Class B ordinary shares into Class A ordinary shares

Key Terms

Business Combination Agreement, initial business combination, Disposition to issuer, Conversion of derivative security

4 terms

Business Combination Agreement financial

"Pursuant to the Business Combination Agreement by and among the Issuer..."

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.

initial business combination financial

"the Issuer consummated its initial business combination with IQM"

An initial business combination is the deal in which a special-purpose acquisition company (SPAC) merges with or acquires an operating business to bring that business onto public markets. Think of the SPAC as an empty shell that raises money from investors, then uses that cash to buy a private company—this transaction turns the private company into a public one and often changes its ownership, valuation, and access to capital, so investors should watch for shifts in risk, future growth prospects, and shareholder rights.

Disposition to issuer financial

"transaction_code_description: "Disposition to issuer""

Conversion of derivative security financial

"transaction_code_description: "Conversion of derivative security""

FAQ

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

What insider transactions did Real Asset Acquisition Corp. (RAAQ) report for Neal Robert?

Director Neal Robert converted 25,000 Class B ordinary shares into 25,000 Class A shares, then disposed of those 25,000 Class A shares to the issuer on July 1, 2026, as part of a business combination, ending with no Class A holdings.

How many Real Asset Acquisition (RAAQ) shares were converted and cancelled?

A total of 25,000 Class B ordinary shares were converted into 25,000 Class A ordinary shares, and those 25,000 Class A shares were then cancelled and exchanged for IQM ordinary shares under the Business Combination Agreement closing on July 1, 2026.

Does Neal Robert still own Real Asset Acquisition Corp. (RAAQ) Class A shares after these transactions?

No. After converting and then disposing of 25,000 Class A ordinary shares to the issuer on July 1, 2026, Neal Robert reported 0 Class A shares of Real Asset Acquisition Corp. held directly following the business combination with IQM Quantum Computers Oyj.

Were the RAAQ transactions by Neal Robert open-market buys or sales?

They were not open-market trades. The Form 4 shows a conversion of Class B into Class A shares and a disposition to the issuer of Class A shares, all executed pursuant to a Business Combination Agreement rather than through market purchases or sales.

How were Real Asset Acquisition (RAAQ) Class A shares exchanged in the IQM transaction?

Under the Business Combination Agreement, each Class A ordinary share of Real Asset Acquisition was cancelled and exchanged for IQM ordinary shares on a one-to-one basis on July 1, 2026, including the 25,000 Class A shares previously received from converting Class B shares.

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 07/16/2026 - 05:12 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^*

NEAL ROBERT

(Last)

(First)

(Middle)

C/O REAL ASSET ACQUISITION CORP.

174 NASSAU STREET, SUITE 2100

(Street)

PRINCETON

NEW JERSEY

08542

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Real Asset Acquisition Corp. [ RAAQ ]

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)
07/01/2026

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)
Class A Ordinary Shares	07/01/2026		C		25,000	D	⁽¹⁾	25,000	D
Class A Ordinary Shares	07/01/2026		D		25,000	D	⁽²⁾	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)
Class B Ordinary Shares	⁽¹⁾	07/01/2026		C			25,000	⁽¹⁾	⁽¹⁾	Class A Ordinary Shares	25,000	$0	0	D

Explanation of Responses:

1. Pursuant to the Business Combination Agreement by and among the Issuer, IQM Quantum Computers Oyj ("IQM"), IQM US LLC and ECLIPSE QC S.A .r.l. dated as of February 22, 2026 (the "BCA"), on July 1, 2026 (the "Closing Date"), the Issuer consummated its initial business combination with IQM (the "Business Combination"). On the Closing Date, each Class B ordinary share of the Issuer was automatically converted into Class A ordinary shares of the Issuer on a one-to-one basis.

2. Pursuant to the BCA, on the Closing Date, each Class A ordinary share of the Issuer was cancelled and exchanged for IQM ordinary shares on a one-to-one basis.

	/s/ Jordan Leon, Attorney-in-Fact	07/16/2026
	** 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