Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 67

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 67
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 register or qualify the underlying
securities for sale under all applicable state securities laws.

In addition, if (x) the
Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the
closing of a Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price
or effective issue price to be determined in good faith by the Company’s board of directors, and, in the case of any such issuance
to the sponsors or their respective affiliates, without taking into account any Founder Shares held by the sponsors or their respective
affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from
such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination
on the date of the completion of a Business Combination (net of redemptions), and (z) the volume-weighted average trading price of
the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day
on which the Company completes a Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise
price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued
Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher of the
Market Value and the Newly Issued Price.

The Placement Warrants are
identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Placement Warrants and
the Class A ordinary shares issuable upon the exercise of the Placement Warrants will not be transferable, assignable or salable
until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Placement
Warrants will be exercisable on a cashless basis and be non-redeemable.

NOTE 8. SEGMENT INFORMATION

ASC Topic 280, “Segment
Reporting,” establishes standards for companies to report in their financial statement information about operating segments, products,
services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for