Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 279

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 279
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 one year (“the February 2021 Shareholders Loan”). The Company also issued265,622number of the 2021 Warrant to the C-1 investors at a total consideration of US$1.0.

The Company agreed to modifications with certain
holders of July 2019 convertible loan of the aggregate principal of US$4.2million and 2020 convertible loan (note 18) of the aggregate
principal plus accrued but unpaid interest of US$4.0million. 50% of these convertible loans were converted into106,897Series C-1 redeemable
convertible preferred shares at the conversion price of US$38.08per share, and the remaining50% of these convertible loans were exchanged
for the February 2021 Shareholders Loan. In connection with the modification of these convertible loans, the Company issued267,064number
of 2021 Warrants to the holders of the February 2021 Shareholders Loan.

In addition, the Company issued additional number
of4,360,266Class A ordinary shares to the C-1 Investors and holders of the February 2021 Shareholders Loan (collectively referred to
as “ Internal Round Investors”) at nilconsideration. The number of ordinary shares issued to each of the internal round investors
was proportionately based on their investment amount (cash paid to subscribe C-1 redeemable convertible preferred shares and the principal
amount plus any accrued but unpaid interest for the original July 2019 convertible loan and 2020 convertible loan.

Upon the closing of the C-1 round financing, total
number of1,115,5052021 Warrants were issued by the Company to HL and Internal Round Investors as described above. From the date of the
C-1 round financing to June 30, 2021, each holder of the 2021 Warrant shall have the right to exercise the 2021 Warrant at the nominal
consideration of US$1.0to acquire1,115,505shares of the Company, upon the occurrence of: (a) a qualified IPO, for ordinary shares;
(b) a qualified financing for Series C-1 redeemable convertible preferred shares and (c) a liquidation event for Series C-1 redeemable
convertible preferred shares. From July 1, 2021, holders shall have the right to exercise the warrants at any time, free from any condition
or restriction. In July 2021, all1,115,5052021 W