Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 289

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 289
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 commitment, underwritten public offering to the general public of the ordinary shares of the Company where the valuation of the Company
is no less than US$400,000,000; or (ii) 23 January 2022.

In September 2019, the Company agreed with
the lender to extend the loan to be expired by 25 September 2020, and revised interest to6% per annum and concurrently granted an
additional warrant (“ C Warrant”) to the same lender for a consideration of HK$1.0to subscribe for Series C Redeemable Convertible
Preferred Shares at an exercise price of US$57.12per share (“the first modification”). The total subscription price for the
warrant shall not exceed one-third of the loan, plus any accrued but unpaid interest. The C Warrant will expire on the earlier of: (i) the
date of the closing of the first firm commitment, underwritten public offering to the general public of the ordinary shares of the Company
where the valuation of the Company is no less than US$400,000,000; or (ii) 25 September 2022.

In October 2020, the Company agreed with
the lender to extend the loan to be expired by March 2021, and revised interest to8% per annum (“the second modification”).
In addition, the Company revised the exercise price of both B-2 Warrant and C Warrant to US$37.92per share. Both B-2 Warrant and C Warrant
became exercisable at the time on the earlier of: (i) the consummation of a qualified IPO; and (ii) 25 September 2023.

In February 2021, the Company repaid HK$7.8million
and in March 2021, the Company agreed with the lender to extend the remaining unpaid principal of HK$15.7million to be expired on
the earlier of (i) the consummation of a qualified IPO; and (ii) September 25, 2021. The interest of the outstanding amount
of the loan remains at8% per annum (“the third modification”).

In September 2021, the Company agreed with
the lender to extend the loan to be expired on the earlier of (i) the consummation of a qualified IPO; and (ii) April 2022.
The interest remains at8% per annum. Concurrently the Company granted additional warrants (“ Class A OS W