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- Departure of CFO (new) — CFO converted to consulting arrangement rather than traditional employment, potentially signaling reduced commitment or transition period.
Quantum Cyber expands ATM offering 10x to up to $100M, CFO shifts to consultant role
Filed May 8, 2026 · Period ending May 4, 2026 · ~1 min read
Key Changes
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Company increased its at-the-market stock offering capacity from up to $10M to up to $100M through amendment with Maxim Group, creating potential for significant shareholder dilution if fully utilized.
Item 1.01 verify on EDGAR → -
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CFO William Caragol transitioned from employee to consultant effective April 22, receiving $20k monthly through August 31, 2026, with either party able to terminate on 30 days' notice.
Item 5.02 verify on EDGAR → -
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The consulting arrangement with the CFO runs only through August 2026, after which it may continue month-to-month by mutual agreement, signaling uncertainty in long-term financial leadership.
Item 5.02 verify on EDGAR →
Summary
Quantum Cyber disclosed two significant developments on May 4, 2026. First, the company dramatically expanded its ability to raise capital by increasing its at-the-market offering capacity from up to $10 million to up to $100 million—a tenfold increase.
This gives management substantial flexibility to sell shares into the market over time, but also creates the potential for major dilution if the full amount is utilized. Second, CFO William Caragol transitioned from employee to independent consultant effective April 22, with a $20,000 monthly retainer through August 2026.
The CFO arrangement is particularly noteworthy because it replaces traditional employment with a short-term consulting contract that either party can terminate with just 30 days' notice. This structure suggests either a planned transition or reduced commitment from the company's top financial executive during a period when the company is significantly expanding its equity fundraising capacity. Investors should monitor how aggressively the company taps the expanded ATM facility and whether dilution accelerates. Additionally, watch for announcements about permanent CFO arrangements or further executive changes, as the current consulting setup appears temporary and coincides with major capital-raising plans.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On May 4, 2026, Quantum Cyber N.V. (the “Company”) entered into that certain Amendment No. 1 to Equity Distribution Agreement (“Amendment No. 1”) with Maxim Group LLC (the “Sales Agent”), which amends that certain Equity Distribution Agreement, dated as of October 3, 2025, between the Company and Sales Agent
The company formalized the amendment to its existing equity distribution agreement originally signed in October 2025. This amendment modifies the terms under which Maxim Group can sell the company's shares on an at-the-market basis.
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On May 4, 2026, the Company entered into a Consulting Agreement with William Caragol, the Chief Financial Officer of the Company (the “Caragol Consulting Agreement”), effective as of April 22, 2026 (the “Caragol Effective Date”). Pursuant to the terms of the Caragol Consulting Agreement, Mr. Caragol will provide financial and accounting services customarily performed by the chief financial officer of a publicly traded company. As consideration for such services rendered, the Company will pay Mr. Caragol a monthly retainer of $20,000
The CFO transitioned from employee status to an independent consultant arrangement effective April 22, 2026. Under the new structure, Mr. Caragol receives $20,000 monthly to perform CFO duties and may receive equity grants at the board's discretion. This arrangement runs through August 31, 2026, after which it may continue month-to-month by mutual agreement.
Added in current filing · verify on EDGAR →
The term of the Caragol Consulting Agreement shall be from the Caragol Effective Date until August 31, 2026, at which time the Caragol Consulting Agreement may continue on a monthly basis at the mutual agreement of Mr. Caragol and the Company. The Caragol Consulting Agreement may be terminated by either party at any time upon 30 days’ written notice.
The consulting arrangement has a defined term ending August 31, 2026, with optional month-to-month continuation thereafter. Either party can terminate with 30 days' notice, providing significantly less job security than typical executive employment agreements.
Event · Item 9.01 — Financial Statements and Exhibits
Quantum Cyber amended its equity distribution agreement with Maxim Group and entered into a consulting agreement with William Caragol.
Added in current filing · verify on EDGAR →
Amendment No. 1 to Equity Distribution Agreement, by and among Quantum Cyber N.V. and Maxim Group LLC, dated May 4, 2026.
The company amended its existing equity distribution agreement with Maxim Group LLC, an investment bank. This type of agreement typically governs at-the-market (ATM) equity offerings, allowing the company to sell shares into the market over time. The amendment's specific terms are not disclosed in this 8-K filing, but changes to such agreements can affect dilution timing, pricing mechanisms, or offering size.
Added in current filing · verify on EDGAR →
Consulting Agreement, by and between William Caragol and Quantum Cyber N.V., dated May 4, 2026.
The company entered into a consulting agreement with William Caragol, who is identified in the signature block as the Chief Financial Officer. A consulting agreement with a sitting CFO is unusual and may indicate a transition in employment status, compensation structure changes, or a shift from employee to contractor relationship. The specific terms, scope, and compensation are not disclosed in this filing.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 1, 2026 · How we verify