Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 157

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 157
---
 Circle’s shareholders must rely on the information in this proxy statement/prospectus and will not have the benefit of an independent review and investigation of the type normally performed by an independent underwriter in a public securities offering. In addition, if Kyivstar became a public company through an underwritten public offering, the underwriters would be subject to liability under Section 11 of the Securities Act for material misstatements and omissions in the initial public offering registration statement. In general, an underwriter is able to avoid liability under Section 11 if it can prove that, it “had, after reasonable investigation, reasonable ground to believe and did believe, at the time the registration statement became effective, that the statements therein (other than the audited financial statements) were true and that there was no omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading.” The completion of the Business Combination will not involve an underwriter subject to liability under Section 11 of the Securities Act. In addition, the amount of due diligence conducted by Cohen Circle and its advisors in connection with the Business Combination may not be as thorough as would have been undertaken by an underwriter in connection with an initial public offering of Kyivstar. Accordingly, it is possible that defects in Kyivstar’s business or problems with Kyivstar’s management that would have been discovered if Kyivstar conducted an underwritten public offering will not be discovered in connection with the Business Combination, which could adversely affect the market price of the Kyivstar Group Ltd. Common Shares. Unlike an underwritten initial public offering, the initial trading of Kyivstar Group Ltd.’s Common Shares will not benefit from the book -buildingprocess undertaken by underwriters that helps to inform efficient price discovery with respect to opening trades of newly listed shares and underwriter support to help stabilize, maintain or affect the public price of the new issue immediately after listing. The lack of such a process in connection with the listing of Kyivstar Group Ltd.’s Common Shares on Nasdaq could result in diminished investor demand, inefficiencies in pricing and a more volatile public price for Kyivstar Group Ltd.’s Common Shares during the period immediately following the listing. Furthermore, the Sponsors and Cohen Circle’s officers and directors have interests in the Business Combination that may be different from, or in addition to, the interests of Cohen Circle’s shareholders generally. Such interests may have influenced Cohen Circle’s directors in making their recommendation that you vote in favor of the Business Combination Proposal and the other proposals described