Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 54

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 54
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 2025, the Company consummated the
Initial Public Offering of 25,300,000 Units at $10.00 per Unit, which includes the full exercise of the underwriters’ over-allotment
option of 3,300,000 Units, generating gross proceeds of $253,000,000. Simultaneously with the closing of the Initial Public Offering,
the Company consummated the sale of 760,000 Placement Units at a price of $10.00 per Placement Unit in a private placement to BTC Development
Sponsor LLC, CCM and KBW, generating gross proceeds of $7,600,000. Of those 760,000 Placement Units, BTC Development Sponsor LLC purchased
512,500 Placement Units, CCM purchased 173,250 Placement Units and KBW purchased 74,250 Placement Units.

In connection with the Company’s
assessment of going concern considerations in accordance with ASC 205-40, “Presentation of Financial Statements – Going Concern,”
the Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business.
However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business
Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business
prior to the initial Business Combination. Management has determined that upon the receipt of the proceeds from the Initial Public Offering
(see Note 3), the Company has sufficient funds to finance the working capital needs of the Company within one year from the date of issuance
of the unaudited condensed financial statements.

Emerging Growth Company

The Company is an “emerging
growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities
Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies
including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports
and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder
approval of any golden parachute payments not previously approved