Invesco Ltd: Form 8.3 - Aqua Acquisition Sub LLC (an indirect wholly-owned subsidiary of Qualcomm Inc); Public dealing disclosure

Invesco Ltd filed a Form 8.3 on Dec. 12, 2025 disclosing that as of Dec. 11, 2025 it holds 33,498,214 shares (3.12%) in Aqua Acquisition Sub LLC (an indirect wholly‑owned subsidiary of Qualcomm Inc) with a negligible short position of 8,541 shares; the holding fell by 160,327 shares following the transfer out of a discretionary holding at $181.27. The filing lists small recent trades (sales and purchases and a 158‑share short sale) executed at prices around $179.75–$181.37, states no cash‑ or stock‑settled derivatives or related agreements, and notes Invesco is also making disclosures in respect of Alphawave IP Group plc. The disclosure confirms Invesco as a >1% investor in the Qualcomm‑related vehicle and provides transparency relevant to takeover/market surveillance, with no indicated coordination or derivative exposure.

Analysis

Invesco filed a Form 8.3 on 12.12.2025 disclosing that as of 11.12.2025 it holds 33,498,214 shares (3.12%) in Aqua Acquisition Sub LLC, identified as an indirect wholly‑owned subsidiary of Qualcomm Inc. The filing records a net reduction of 160,327 shares attributed to the transfer out of a discretionary holding valued at $181.27, and lists small executed trades (sale of 908 at $181.27, purchases of 45 at $179.85, 182 at $181.37 and 100 at $181.27) plus a 158‑share short at $179.75.

The disclosure states no cash‑settled or stock‑settled derivatives, no agreements or indemnities, and no Supplemental Form 8 attached, indicating the position is reported as a straightforward equity stake without declared derivative leverage or formal coordination. Because the holding exceeds the 1% Takeover Code threshold, the filing increases transparency for potential takeover or voting dynamics but, given the small intraday trade sizes and the absence of arrangements, the current market‑impact signal is low.

For investors, the key takeaways are that Invesco is a >1% disclosed holder in an entity tied to Qualcomm, recent activity was modest and procedural (transfer from discretionary account), and the lack of derivative exposure reduces immediate counterparty or leverage risk; monitor further rule 8 disclosures and any Alphawave IP Group plc notices referenced in the filing for correlated event risk.

Key Decisions for Investors

• Monitor subsequent Form 8.3/8 filings and any Supplemental Form 8 from Invesco and other >1% holders for increases in stake or emergence of derivative exposure,
• If seeking event‑driven exposure to Aqua/Qualcomm, consider modest, size‑controlled positions and use alerts around the recent trade band (~$179.75–$181.37) rather than initiating large directional bets,
• Do not assume activist intent or coordinated voting given the filing notes no arrangements or indemnities; avoid overweighting positions until further disclosures clarify strategy,
• Track the separate disclosure reference to Alphawave IP Group plc for potential correlated moves and set a watch for takeover‑related announcements that could change stake value or required actions