Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 87

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 87
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4,
we, Finfront, Arisz and Merger Sub entered into an amended and restated PIPE Subscription Agreement (the “ Amended and Restated PIPE
Subscription Agreement”) with certain Subscribers, a PIPE Subscription Agreement with a new Subscriber and a PIPE termination agreement
with an existing Subscriber pursuant to which the aggregate cash amount of PIPE was increased to $74,000,000, at a purchase price of $10.00
per share.

The closing of the Amended
and Restated PIPE Subscription Agreement and the PIPE Subscription Agreements took place concurrently with the closing of the Business
Combination on February 29, 2024. The Amended and Restated PIPE Subscription Agreement and New PIPE Subscription Agreement contain substantially
similar terms as the PIPE Subscription Agreement. For details of the Amended and Restated PIPE Subscription Agreement, see Exhibit 4.20
to this Report.

Backstop Agreements

On July 14, 2022, each of
us, Arisz, Finfront and the Sponsor (along with any assignee of the Sponsor, the “ Buyer”) entered into a backstop agreement
(the “ First Backstop Agreement”) whereby, in connection with the Business Combination, the Buyer agreed to subscribe for and
purchase no less than US$1.25 million worth of shares of Arisz Common Stock or Class A ordinary shares, as specified therein. The First
Backstop Agreement terminated as per its terms on July 31, 2022.

On October 13, 2022, the parties
to the First Backstop Agreement entered into a new backstop agreement (the “ Backstop Agreement”) substantially on the same
terms as the First Backstop Agreement with the only substantive additional terms being that the subscription amount changed to $2.0 million
worth of shares and change of the termination date. The Sponsor subscribed for 200,000 Class A ordinary shares in a private placement
transaction pursuant to the Backstop Agreement. The closing of the Backstop Agreement took place concurrently with the closing of the
Business Combination on February 29, 2024. For details of the Backstop Agreement, see Exhibit 4.18 to this Report.

Amended and Restated Subscription Agreements

Contemporaneously with the
execution of the Merger Agreement, each of Chardan and Sponsor executed amendments to the subscription agreements that had been executed
by each of them on November 17, 2021 in connection with Arisz’s initial public offering (the “ Amended and Restated