Company: KYIV
Filing Date: 2025-12-18
Form Type: 424B3
Source: 0001213900-25-123334
Chunk: 394

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-18
Form: 424B3
Chunk 394
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star Group warrants. The warrants became exercisable 30 days after the completion of the Business Combination Agreement. The warrants will expire five years after the completion of a Business Combination Agreement or earlier upon redemption by the Company or liquidation of the Company. The warrants may be redeemed when the price per common share equals or exceeds US$18.00. Once the warrants become exercisable, the Company may redeem the warrants: •in whole and not in part; •at a price of US$0.01 per warrant; •upon not less than 30 days’ prior written notice of redemption to each warrant holder; and If, and only if, the closing price of the Company’s common shares equals or exceeds US$18.00 per share (as adjusted for share sub -divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading day period ending on the third trading day prior to the date on which the notice of redemption is given to the warrant holders. If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. As these warrants have been determined by management to be derivative instruments that will or might be settled other than by the exchange of a fixed amount of cash for a fixed number of own equity instruments, they meet the definition of financial liabilities. The Company has determined that the warrants should be classified as derivative financial liabilities under IFRS and measured at fair value with changes in fair value taken to the income statement. Refer to Note 7 for Fair Value information. The following table summarizes the proceeds raised and issuance costs incurred related to the SPAC Merger on August 14, 2025:

|                                  |     | Amount |   |
| Proceeds from SPAC Trust         |     |    178 |   |
| SPAC professional fees           |     |    (16 | ) |
| Proceeds from SPAC Merger        |     |    162 |   |
| Kyivstar Group professional fees |     |    (30 | ) |
| Net proceeds from SPAC Merger    |     |    132 |   |

F-143

Kyivstar Group Ltd. Notes to the interim condensed consolidated financial statements (in millions of U.S. dollars unless otherwise stated) 4SIGNIFICANT TRANSACTIONS (cont.) The following table summarizes the impact to the Statement of Equity related