Company: COHN
Filing Date: 2025-06-25
Form Type: 8-K
Source: 0001104659-25-062577
Chunk: 1

Company: Cohen & Co Inc.
Filing Date: 2025-06-25
Form: 8-K
Item: Item 8.01
Chunk 1
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 execution of the Business Combination Agreement,
(a) certain “qualified investors” (defined to include “qualified institutional buyers”, as defined in Rule 144A
of the Securities Act, and institutional “accredited investors”, as defined in Rule 506 of Regulation D) were issued non-voting
preferred units of ProCap BTC (“ Preferred Units”) in a private placement of such Preferred Units consummated immediately prior
to the execution of the Business Combination Agreement, in an aggregate amount of approximately $516.5 million (the “ Preferred Equity
Investment”), and (b) certain qualified investors agreed to purchase convertible notes (“ Convertible Notes”) issuable
upon the Closing by ProCap Financial, with an aggregate principal amount of approximately $235 million (the “ Convertible Note Financing”
and, together with the Preferred Equity Investment and the Business Combination, the “ Proposed Transactions”). The net proceeds
from the Convertible Notes will be utilized by ProCap Financial for purposes of acquiring bitcoin, collateral under the Convertible Notes
and for working capital purposes. The proceeds from the Preferred Equity Investment will be utilized, within 15 days following the Signing
Date, to purchase bitcoin assets pursuant to a custodial arrangement with Anchorage Digital Bank N. A.

CCM acted as a co-placement agent in connection with the Convertible
Note Financing and the Preferred Equity Investment.

As previously disclosed, the Sponsor holds an aggregate of 8,333,333
founder shares in the SPAC. Further, certain non-controlling interests in the Sponsor, including executives and key employees of the Operating
LLC, purchased membership interests in the Sponsor, either directly or indirectly, and have an interest in the SPAC’s founder shares
through such membership interests in the Sponsor. The number of the SPAC’s founders shares in which such non-controlling interests
in the Sponsor, including such executives and key employees of the Operating LLC, have an interest in through the Sponsor will not be
finally and definitively determined unless and until consummation of the Business Combination (the “ Closing”). The number
of the SPAC’s founder shares currently allocated to the Operating LLC is approximately 2,150,000, but such number of founder shares
will also not be finally and definitively determined unless and until the Closing occurs. If the Closing occurs, each founder share held
by the Sponsor, including those allocated to the Operating LLC, will be converted into one share of common stock in ProCap Financial.

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