Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 154

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 154
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 In connection with the Business Combination, in order to continue to maintain the listing of Cohen Circle’s securities on Nasdaq, Cohen Circle will be required to demonstrate compliance with Nasdaq’s initial listing requirements, which are more rigorous than Nasdaq’s continued listing requirements. Cohen Circle will apply to have Kyivstar Group Ltd.’s Common Shares listed on Nasdaq upon consummation of the Business Combination. Cohen Circle cannot assure you that Cohen Circle will be able to meet all initial listing requirements. Even if Kyivstar Group Ltd.’s Common Shares are listed on Nasdaq, Kyivstar Group Ltd. may be unable to maintain the listing of its securities in the future. If Kyivstar Group Ltd. fails to meet the initial listing requirements and Nasdaq does not list its securities on its exchange, neither Cohen Circle nor VEON would be required to consummate the Business Combination. In the event that Cohen Circle and VEON elected to waive this condition, and the Business Combination was consummated without Kyivstar Group Ltd.’s Common Shares being listed on Nasdaq or on 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; •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 third parties bring claims against Cohen Circle, the proceeds held in the Trust Account could be reduced and the per share redemption amount received by Cohen Circle Public Shareholders may be less than $10.0 5 per share. Cohen Circle’s placing of funds in