Company: MHLA
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027214
Chunk: 3

Company: Maiden Holdings, Ltd.
Filing Date: 2025-03-24
Form: 425
Chunk 3
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interest.

In addition, the exchange ratio was adjusted such
that, upon the closing of the Second Merger, (i) each option to purchase US NewCo Interests (each, a “US NewCo option”)
that is outstanding immediately prior to the closing of the Second Merger, whether or not then vested or exercisable will be converted
automatically into an option (a “Bermuda NewCo option”) to purchase a number of Bermuda NewCo common shares equal to
one-twentieth (0.05) of the US NewCo Interests subject to the US NewCo option (rounded down to the nearest whole share), with an exercise
price determined by dividing the exercise price of such US NewCo option by 0.05 (rounded up to the nearest whole cent) and (ii) each
US NewCo Restricted Share that is outstanding immediately prior to the closing of the Second Merger, whether or not then vested, shall be converted automatically into one-twentieth (0.05) of a Bermuda NewCo Restricted Share.

The foregoing description of Amendment No. 2
does not purport to be complete and is subject to and qualified in its entirety by reference to Amendment No. 2, a copy of which
is included as Exhibit 2.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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Additional Information Regarding the Transactions and Where to Find It

In connection with the Transactions, Bermuda NewCo
has filed a registration statement on Form S-4 (File No. 333-285664) with the Securities and Exchange Commission (“SEC”)
that includes a prospectus with respect to Bermuda NewCo’s securities to be issued in connection with the Transactions and a proxy
statement with respect to the Maiden shareholder meeting to approve the Transactions and related matters (the “proxy statement/prospectus”).
The registration statement has not been declared effective by the SEC. Maiden and Bermuda NewCo may also file or furnish other documents
with the SEC regarding the Transactions. This Current Report on Form 8-K is not a substitute for the registration statement, the
proxy statement/prospectus or any other document that Maiden or Bermuda NewCo may file or furnish or cause to be filed or furnished with
the SEC. INVESTORS IN AND SECURITY HOLDERS OF MAIDEN ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS
THAT ARE FILED