Company: KYIV
Filing Date: 2025-06-05
Form Type: F-4
Source: 0001213900-25-051575
Chunk: 155

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: F-4
Chunk 155
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 another national securities exchange, Kyivstar Group Ltd. could face significant material adverse consequences, including: •a limited availability of market quotations for Cohen Circle’s securities; •reduced liquidity for Kyivstar Group Ltd.’s Common Shares; 56 •a determination that Kyivstar Group Ltd.’s Common Shares are “penny stock” which will require brokers trading in Kyivstar Group Ltd. Common Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for Kyivstar Group Ltd.’s Common Shares; •a limited amount of news and analyst coverage; and •a decreased ability to issue additional securities or obtain additional financing in the future. The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” If Kyivstar Group Ltd.’s Common Shares were not listed on Nasdaq, such securities would not qualify as covered securities and Cohen Circle would be subject to regulation in each state in which Cohen Circle offers Cohen Circle Securities because states are not preempted from regulating the sale of securities that are not covered securities. If Cohen Circle files a bankruptcy petition or an involuntary bankruptcy petition is filed against Cohen Circle, a bankruptcy court may seek to recover distributed proceeds from the Trust Account. If, after Cohen Circle distributes the proceeds in the Trust Account to Cohen Circle Public Shareholders, Cohen Circle files a bankruptcy petition or an involuntary bankruptcy petition is filed against Cohen Circle that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a “preferential transfer” or a “fraudulent conveyance.” As a result, a bankruptcy court could seek to recover all amounts received by Cohen Circle shareholders. In addition, the Cohen Circle Board may be viewed as having breached its fiduciary duty to Cohen Circle’s creditors and/or having acted in bad faith, thereby exposing it and Cohen Circle to claims of punitive damages, for paying public shareholders from the Trust Account prior to addressing the claims of creditors. Cohen Circle cannot assure you that claims will not be brought against Cohen Circle for these reasons. If, before distributing the proceeds in the Trust Account to Cohen Circle Public Shareholders, Cohen Circle files a bankruptcy petition or an involuntary bankruptcy petition is filed against Cohen Circle that is not dismissed, the claims of creditors in such proceeding may have priority over the claims of Cohen Circle shareholders and the per share amount that would otherwise be