Company: DDC
Filing Date: 2025-07-11
Form Type: 6-K
Source: 0001213900-25-063293
Chunk: 1

Company: DDC Enterprise Ltd
Filing Date: 2025-07-11
Form: 6-K
Chunk 1
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 and ordinary shares, par value $0.40 per share (“Ordinary Shares”).
The closing of the foregoing transactions is referred to as the “Initial Closing.” The obligations of the Company and
the Purchasers at the Initial Closing were subject to certain customary closing conditions. The SPA also included mutual representations
and warranties, covenants and indemnification provisions customary for similar transactions.

The Initial Notes mature on July 1, 2027, are convertible
into Ordinary Shares at the conversion price set forth therein, subject to customary anti-dilution adjustments. The Initial Warrants are
exercisable for Ordinary Shares immediately and expire five years from the date of issuance, at an exercise price set forth therein, subject
to customary anti-dilution adjustments. Holders are subject to beneficial ownership limitations consistent with market practice.

The Initial Closing took place on July 1, 2025. At
the Initial Closing, the parties also executed certain security agreements.

Maxim Partners LLC (“Maxim”) acted
as placement agent for the transaction. At the Initial Closing, the Company issued a warrant to Maxim to purchase Ordinary Shares, on
terms set forth therein, which warrant is exercisable immediately and expires five years from the date of issuance.

Additional Closing.The SPA also contemplates
an optional additional closing (“Additional Closing”), pursuant to which the Company may sell, and the Purchasers may
purchase, upon mutual written consent, additional securities for an aggregate subscription amount of up to $275,000,000, comprising additional
Senior Secured Convertible Notes and warrants. The obligations of the Company and the Purchasers at the Additional Closing are subject
to conditions similar to those for the Initial Closing, with the additional condition for the Purchasers that no Event of Default (as
defined in the Notes) shall have occurred or be continuing.

Pursuant to the SPA, net proceeds from the offering
are to be used exclusively for purchasing Bitcoin, are required to be deposited into a cash collateral account, and are subject to release
only under specified conditions.

The notes are secured by a first-priority security
interest in certain assets of the Company, including cash and Bitcoin holdings, pursuant to customary security agreements. Release of
the collateral is subject to customary conditions.

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The foregoing description of the SPA does
not purport to be complete and is qualified in its entirety by reference to the full text of the SPA, the Initial Notes and the
Initial Warrants, which are attached hereto