Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 178

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 178
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 issue and sell to the Investor, from time to time, up to $200,000,000 (the “Total Commitment”) in aggregate gross purchase price of newly issued Class A Ordinary Shares, in reliance on Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D. •The Company has the right, but not the obligation, to sell shares under the ELOC SPA, subject to customary conditions, including effectiveness of a registration statement covering the resale of such shares. The Company may direct the Investor, from time to time as further provided in the ELOC SPA, to purchase from the Company such number of Class A Ordinary Shares as set forth in a written notice to the Investor. The price for such shares shall be equal to the product of (i) the lowest VWAP of the Class A Ordinary Shares for the three trading days beginning on the date of such notice multiplied by (ii) 0.98. •Notwithstanding anything to the contrary contained in the ELOC SPA, the Company shall not issue or sell, and the Investor shall not purchase or acquire, any Class Ordinary Shares under the ELOC SPA that, together with all other Class A Ordinary Shares then beneficially owned by the Investor and its affiliates, would result in the beneficial ownership by the Investor of more than 4.99% of the outstanding Class A Ordinary Shares. •The term of the ELOC SPA will terminate on the earliest to occur of (i) the first day of the month next following the 24 -monthanniversary of the effectiveness of the registration statement of which this prospectus is a part and (ii) the date on which the Company has issued and sold to Investor Class A Ordinary Shares in the aggregate amount of the Total Commitment. •The Company expects to use the net proceeds from any sales under the ELOC SPA primarily to acquire additional bitcoin for its corporate treasury. •The foregoing description of the ELOC SPA does not purport to be complete and is qualified in its entirety by reference to the full text of the ELOC SPA, which is attached hereto as Exhibit 10.5 and is incorporated herein by reference. •Maxim Partners LLC (“Maxim”) acted as placement agent for the SPA and the ELOC SPA. At the Initial Closing, the Company issued a warrant to Maxim to purchase Class A Ordinary Shares, on terms set forth therein, which warrant is exercisable immediately and expires five years from the date of issuance. Registration Rights Agreement •Concurrently with the execution of the SPA