Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 40

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 40
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 it difficult to value the CVRs. If any payment is made on the CVRs, it will not be made until the Gross Proceeds, if any, subject to the terms and conditions of the CVR Agreement, are received by SES or its affiliates. Because the amount of any payment on the CVRs will not be able to be determined at the Closing and may not be determined for a significant period of time thereafter, it may be difficult to value the CVRs, and accordingly, it may be difficult or impossible for you to resell or transfer your CVRs. In addition, the CVRs will not have any voting or dividend rights, and interest will not accrue on any amounts payable on the CVRs. Accordingly, the Holders may not receive any payments on the CVRs. An active public market for the CVRs may not develop which could have an adverse effect on the resale price, if any, of the CVRs or may limit its value. The CVRs are a new security for which there is currently no public trading market and an active public trading market for the CVRs may not develop or be sustained, which would have an adverse effect on the resale price, if any, of the CVRs. SES has no current plans to apply to list the CVRs on any stock exchange or on an over-the-countermarket and is under no obligation to do so. If the CVRs begin trading in the over-the-countermarket or if SES determines, in its sole discretion, to list the CVRs on a securities exchange, there is no assurance that such trading or listing will continue. The absence of a listing and the uncertainty as to whether any payments on CVRs will be made may limit the value of the CVRs. Because there has not been any public market for the CVRs and SES has no current plans to list the CVRs on any securities exchange, the market price and trading volume of the CVRs may be volatile. Neither SES nor Intelsat can predict the extent to which investor interest will lead to a liquid trading market in the CVRs or whether the market price of the CVRs will be volatile. The market price of the CVRs could fluctuate significantly for many reasons, including, without limitation:

| • |     | SES has no current plans, and has no obligation, to list the CVRs on any securities exchange; |

| • |     | as a result of the risk factors listed in this prospectus; |

| • |     | for reasons unrelated to the Combined Group’s operating performance