Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 358

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 358
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 terms of the SPA, on the Initial Closing Date (as defined in the SPA), the Company issued and sold securities for an aggregate subscription amount of $27,000,000, comprising of senior secured convertible notes (“Initial Notes”), warrants (“Initial Warrants”), and Class A Ordinary Shares, par value $0.40 per share. The closing of the foregoing transactions is referred to as the “Initial Closing.” The Initial Notes mature on July 1, 2027, are convertible into Ordinary Shares at the conversion price set forth therein, subject to customary anti -dilutionadjustments. The Initial Warrants are exercisable for Ordinary Shares immediately and expire five years from the date of issuance, at an exercise price set forth therein, subject to customary anti -dilutionadjustments. The Initial Closing took place on July 1, 2025. At the Initial Closing, the parties also executed certain security agreements. Maxim Partners LLC (“Maxim”) acted as placement agent for the transaction. At the Initial Closing, the Company issued a warrant to Maxim to purchase 50,000 Class A Ordinary Shares, on terms set forth therein, which warrant is exercisable immediately and expires five years from the date of issuance. Additional Closing.The SPA also contemplates an optional additional closing (“Additional Closing”), pursuant to which the Company may sell, and the Purchasers may purchase, upon mutual written consent, additional securities for an aggregate subscription amount of up to $275,000,000, comprising additional Senior Secured Convertible Notes and warrants. The obligations of the Company and the Purchasers at the Additional Closing are subject to conditions similar to those for the Initial Closing, with the additional condition for the Purchasers that no Event of Default (as defined in the Notes) shall have occurred or be continuing. The notes are secured by a first -prioritysecurity interest in certain assets of the Company, including cash and Bitcoin holdings, pursuant to customary security agreements. Release of the collateral is subject to customary conditions. II-2

On or around October 8, 2025, DDC Enterprise Limited entered into eight separate subscription agreements with eight investors, pursuant to which, the eight investors agreed to subscribe for and purchase, and the Company agreed to sell and issue to the eight Investors, an aggregate of 12,400,000 Class A ordinary shares, par value $0.40 per share, at a purchase price of $10.00 per share. We believe that the offers, sales and issuances of the securities described in the preceding paragraph were exempt