SCHEDULE: Fort Baker Capital Reduces Stake in Real Asset Acquisition Corp.

Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC have reported a reduction in their beneficial ownership of Class A Ordinary Shares of Real Asset Acquisition Corp. to 1.2% following a business combination.

Summary

• Fort Baker Capital Management LP, along with Steven Patrick Pigott and Fort Baker Capital, LLC, have filed an amendment to their Schedule 13G, reporting a decrease in their beneficial ownership of Real Asset Acquisition Corp.'s Class A Ordinary Shares.
• The reporting persons collectively beneficially own 200,000 shares, representing 1.2% of the class of securities.
• This filing follows the business combination between Real Asset Acquisition Corp. and IQM Quantum Computers Oyj, which occurred on July 1, 2026, after which Real Asset Acquisition Corp. changed its name to IQM Quantum Computers Oyj.
• The reporting persons state that they have ceased to be the beneficial owners of any Class A Ordinary Shares of Real Asset Acquisition Corp. after the business combination, implying a significant divestment or change in their holdings.
• The percentage of beneficial ownership was calculated based on the Issuer's Form 10-Q filed on May 15, 2026, which reported 17,250,000 Class A Ordinary Shares outstanding as of that date.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as neutral to slightly negative, primarily due to the reporting of a significant reduction in beneficial ownership shortly after a business combination, indicating a potential divestment or change in strategy by the reporting persons.

Positives

• The reporting persons have complied with SEC filing requirements by submitting an amendment to their Schedule 13G.
• The filing provides clarity on the current beneficial ownership of Class A Ordinary Shares by Fort Baker Capital Management LP and associated entities.

Negatives

• The reporting persons have significantly reduced their beneficial ownership to 1.2% (200,000 shares) after a business combination.
• The filing indicates that the reporting persons have ceased to be beneficial owners of any Class A Ordinary Shares of the issuer post-business combination, suggesting a complete or near-complete divestment.

Risks

• The reduction in beneficial ownership by a significant investment entity could signal a lack of confidence in the future prospects of the combined entity (IQM Quantum Computers Oyj).
• A substantial divestment might lead to increased selling pressure on the stock if the shares are offloaded to the market.

Future Outlook

The filing itself does not contain forward-looking statements or guidance. However, the significant reduction in beneficial ownership by Fort Baker Capital Management LP and associated entities following the business combination with IQM Quantum Computers Oyj may imply a change in their outlook for the combined company.

Management Comments

• Each reporting person disclaims membership in a group and beneficial ownership of the securities reported herein except to the extent of that person's pecuniary interest therein.
• Following the business combination, the Reporting Persons ceased to be the beneficial owners of any Class A Ordinary Shares of Real Asset Acquisition Corp.

Industry Context

StockSavvy.ai notes that significant shifts in beneficial ownership, especially by investment management firms, following a business combination can be a signal to the market. The transition from a SPAC (Real Asset Acquisition Corp.) to an operating entity (IQM Quantum Computers Oyj) is a critical period where investor sentiment can be heavily influenced by such disclosures.

Stakeholder Impact

• Shareholders may view the significant reduction in ownership by Fort Baker Capital as a negative signal, potentially impacting share price.
• The market may interpret this as a lack of continued conviction in the combined company's future performance by a key investor.

Next Steps

• Monitor future filings from Fort Baker Capital Management LP and its associated entities for any further changes in beneficial ownership.
• Observe the market reaction and performance of IQM Quantum Computers Oyj following this reported divestment.

Key Dates

Recommendation

The filing indicates a significant reduction in beneficial ownership by Fort Baker Capital, which is a negative signal. However, without more information on the reasons for the divestment or the company's performance, a 'hold' recommendation is prudent, suggesting investors await further clarity or performance indicators before making a decisive move.

Keywords

Schedule 13G, Beneficial Ownership, Class A Ordinary Shares, Real Asset Acquisition Corp., Fort Baker Capital Management LP, Business Combination, IQM Quantum Computers Oyj, SEC Filing