Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 58

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 58
---
 comply
with Regulation FD, which restricts the selective disclosure of material non-public information. In addition, SES is exempt from certain disclosure and procedural requirements applicable to proxy solicitations
under Section 14 of the Exchange Act. The members of the SES Board and SES’s officers and principal shareholders are exempt from the reporting and “short-swing” profit recovery provisions of Section 16 of the Exchange Act.
Accordingly, there may be less publicly available information relating to SES than there is for companies whose securities are registered under the Exchange Act but are not foreign private issuers, and such information may not be provided as
promptly as it is provided by such companies. In addition, certain information may be provided by SES in accordance with Luxembourg law, which may differ in scope, substance or timing from such disclosure requirements under the Exchange Act. It is
expected that after the Acquisition, SES will remain a foreign private issuer.

SES’s status as a foreign private issuer is subject
to an annual review and test and will be tested again as of June 30, 2025 (the last business day of its second fiscal quarter of 2025).SES would lose its status as a “foreign private issuer” under current SEC rules and regulations if
more than 50% of SES’s outstanding voting securities becomes directly or indirectly held of record by U.S. holders and one of the following is true: (i) the majority of SES’s directors or executive officers are U.S. citizens or
residents; (ii) more than 50% of SES’s assets are located in the United States; or (iii) SES’s business is administered principally in the United States. If SES loses its status as a foreign private issuer in the future, it will
no longer be exempt from the rules described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements as if it were a company incorporated in the United States. If this were to happen,
SES would likely incur substantial costs in fulfilling these additional regulatory requirements and members of SES’s management would likely have to divert time and resources from other responsibilities to ensure these additional regulatory
requirements are fulfilled.

If SES remains a foreign private issuer after the Acquisition, you may not have the same protections afforded
to shareholders of companies that are required to comply with all of Exchange Act rules.

SES’s business is subject to extensive regulation and is sensitive to regulatory changes in each of the countries in which it provides services.

The operation of SES’s business is
and will continue