Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 256

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 256
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 historical financial statements of Cohen Circle have been prepared in accordance with U.S. GAAP and in its presentation currency of the U.S. dollar. The unaudited pro forma condensed combined financial information reflects IFRS, the basis of accounting to be used by PubCo. The historical financial information of Cohen Circle has been adjusted to give effect to the differences between U.S. GAAP and IFRS as issued by the IASB for the purposes of the unaudited pro forma condensed combined financial information. The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S -X. 122 Management has concluded that no autonomous entity adjustments are required in accordance with Regulation S -X, as the historical financial statements of VEON Holdings and Cohen Circle include all activity for the PubCo to operate an autonomous, or standalone entity, and hence, no such adjustments have been made in the unaudited pro forma condensed combined financial information. This includes all VEON Holdings attributable shared service costs from the Seller recorded in VEON Holdings’ historical financial statements that reflect an arm’s length transaction for an autonomous, or standalone entity. The pro forma combined provision for income taxes does not necessarily reflect the amounts that would have resulted had PubCo filed consolidated income tax returns during the periods presented. The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined income statement are based upon the weighted average number of PubCo’s shares outstanding for the year ended December 31, 2024 assuming the Business Combination occurred on January 1, 2024, the beginning of the earliest periods presented. Assuming that the Business Combination is executed in accordance with the Business Combination Agreement, the PubCo Warrants will be reclassified as a liability under IFRS, and will continue to be recognized at fair value, with subsequent changes in fair value recognized in the income statement. In connection with the Business Combination, Cohen Circle, the Seller and PubCo agreed to implement an equity incentive plan for PubCo, to take effect as of the Closing Date. The financial statement impact of the any equity incentive plan to be adopted is not yet known and cannot be readily estimated at this stage; therefore its impact has not been included in the unaudited pro forma condensed combined financial statements. Transaction costs related to the Business Combination will include all fees, costs, and expenses, paid or payable, by (a) any of VEON Holdings B.V. and its subsidiaries, PubCo or Merger Sub and