Company: CRCL
Filing Date: 2025-04-18
Form Type: S-1/A
Source: 0001193125-25-084832
Chunk: 160

Company: Circle Internet Group, Inc.
Filing Date: 2025-04-18
Form: S-1/A
Chunk 160
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where in this prospectus for a summary of our outstanding debt as of December 31, 2024.

In March 2019, we entered into an agreement with an investment
company to issue convertible promissory notes in connection with the acquisition of SeedInvest. We agreed to pay the holder the principal amount together with any interest on the unpaid principal balance for the notes beginning on the date of the
agreement. There was one convertible promissory note outstanding as of December 31, 2023, which had a principal amount of $24.0 million and is convertible into Series E preferred stock subject to the conversion provisions in the agreement (the
“2019 Note”). In September 2024, certain holders elected to convert a principal amount of approximately $8.3 million of the 2019 Note, plus accrued but unpaid interest, into 524,009 shares of Series E preferred stock at a conversion price
of $16.23 per share. The 2019 Note matures on March 1, 2026, unless earlier converted, and has an annual interest rate of 2.9% due annually in arrears on the last day of each calendar year. At any time during the term and at the sole discretion
of the holder, but only once in any given 12-month period, all or a portion of the principal amount with any accrued and unpaid interest (collectively, the “Conversion Amount”) can at the election of
the holder be converted into shares of Series E preferred stock at a conversion price of $16.23 per share.

Warrants

In April 2023, Circle entered into an agreement with a commercial counterparty to grant warrants to purchase up to 4.5 million common shares of a consolidated
subsidiary that will be automatically converted one for one into shares of common stock of Circle upon exercise. The warrants have an exercise price of $42.14 per share and an exercise period of ten years from the grant date. The vesting of the
warrants is subject to certain conditions to be achieved over a five-year period. None of these conditions have been met, and none of these warrants have been exercised or forfeited or have expired.

In August 2023, Circle entered into an agreement with a digital asset exchange to grant warrants to purchase up to 3.6 million common shares of a consolidated
subsidiary that will be automatically converted one for one into shares of common stock of Circle upon exercise. The warrants have an exercise price of