Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 6

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 discussed in Note 3, 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 units (each, a “Placement Unit” and collectively,
the “Placement Units”) at a price of $10.00 per Placement Unit in a private placement to BTC Development Sponsor LLC,
a Delaware limited liability company (together with BTC Development Advisors LLC, a Delaware limited liability company, the “sponsors”),
and the underwriters, Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“CCM”),
and Keefe, Bruyette & Woods, Inc. (“KBW”), generating gross proceeds of $7,600,000. Of those 760,000 Placement Units,
one of the sponsors, BTC Development Sponsor LLC, purchased 512,500 Placement Units, CCM purchased 173,250 Placement Units and
KBW purchased 74,250 Placement Units.

Transaction costs amounted
to $16,037,284, consisting of $4,400,000 of cash underwriting fee, $10,780,000 of deferred underwriting fee, and $857,284 of other offering
costs.

The Company’s management
has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Placement
Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.
There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or
more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least 80% of the
net assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions and taxes payable on the interest
earned on the Trust Account). The Company will only complete a Business Combination if the post-transaction company owns or acquires 50%
or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient
for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment
Company Act”). Upon the closing of the Initial Public Offering on October 1