Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 42

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 42
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 material changes to the Combined Group’s business that are not reflected in the unaudited pro forma combined financial information. Intelsat shareholders will have limited recourse against Intelsat and its management and directors for any claims relating to the Transactions under the U.S. federal securities laws. Intelsat is neither an issuer of the CVRs in connection with the Transactions nor otherwise subject to the rules and regulations of the SEC that are applicable to a U.S. public company. Furthermore, upon Intelsat’s completion of the Liquidation (See “The Liquidation” beginning on page 64 of this prospectus for a more detailed description of the Liquidation), Intelsat will cease to exist as a Luxembourg société anonyme under applicable law. Accordingly, Intelsat shareholders will have limited recourse against Intelsat and its management and directors for any claims relating to the Transactions under the U.S. federal securities laws. RISKS RELATING TO THE CVRS You will not be able to immediately determine the amount of cash to be received under the CVRs, which makes it difficult to value the CVRs. If any payment is made on the CVRs, it will not be made until the Gross Proceeds, if any, subject to the terms and conditions of the CVR Agreement, are received by SES or its affiliates. Because the amount of any payment on the CVRs will not be able to be determined at the Closing and may not be determined for a significant period of time thereafter, it may be difficult to value the CVRs, and accordingly, it may be difficult or impossible for you to resell or transfer your CVRs. In addition, the CVRs will not have any voting or dividend rights, and interest will not accrue on any amounts payable on the CVRs. Accordingly, the Holders may not receive any payments on the CVRs. An active public market for the CVRs may not develop which could have an adverse effect on the resale price, if any, of the CVRs or may limit its value. The CVRs are a new security for which there is currently no public trading market and an active public trading market for the CVRs may not develop or be sustained, which would have an adverse effect on the resale price, if any, of the CVRs. SES has no current plans to apply to list the CVRs on any stock exchange or on an over-the-countermarket and is under no obligation to do so. If the CVRs begin trading in the over-the-countermarket or if SES determines, in