Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 9

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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their redemption rights with respect to the Founder
Shares and Placement Shares held by them in connection with a shareholder vote to approve an amendment to the Company’s Amended
and Restated Memorandum and Articles of Association (A) to modify the substance or timing of the Company’s obligation to allow
redemption in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business
Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to shareholders’
rights or pre-initial Business Combination activity; and (iii) their rights to liquidating distributions from the Trust Account with
respect to any Founder Shares and Placement Shares if the Company fails to complete its initial Business Combination within the Combination
Period. However, the sponsors will be entitled to redemption rights with respect to Public Shares if the Company fails to consummate a
Business Combination or liquidates within the Combination Period. CCM and KBW will have the same redemption rights as the Public Shareholders
with respect to any Public Shares they acquire.

The Company will have until
24 months from the closing of the Initial Public Offering (or 27 months from the closing of the Initial Public Offering if the Company
has executed a definitive agreement for the initial Business Combination within 24 months from the closing of the Initial Public Offering
but has not completed the initial Business Combination within such 24-month period) to complete a Business Combination (the “Combination
Period”). If the Company has not completed a Business Combination within the Combination Period, the Company will (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but not more than ten business days
thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest (net of permitted withdrawals and up to $100,000 of interest to pay dissolution expenses) divided by the number
of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders
(including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, liquidate
and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for