Company: NKLR
Filing Date: 2025-11-10
Form Type: S-1
Source: 0001213900-25-108246
Chunk: 129

Company: Terra Innovatum Global N.V.
Filing Date: 2025-11-10
Form: S-1
Chunk 129
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, 108% volatility, a 4.02% risk-free rate, and a 7% discount for lack of marketability.
For the agreements executed in September 2025, following the execution of the PIPE Subscription Agreements, the model incorporated
updated assumptions including a $7.41 share price, 110% volatility, a 4.02% risk-free rate, and a 5% discount for lack of marketability.

As a result, a $367.6 thousand debt discount was recognized,
reducing the carrying value of the Bridge Loans to $322.3 thousand, which was recorded in bridge loans, net, on the unaudited pro forma
condensed combined balance sheet as of June 30, 2025. $367.6 thousand of the proceeds were allocated to the warrants, which are exercisable
for 198,314 PubCo Ordinary Shares, resulting in a corresponding increase to additional paid-in capital.

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| (bbb) | Subsequent to June 30, 2025, GSR III entered into Subscription Agreements for the private                                             
 placement sale of 3,683,500 PubCo Ordinary Shares at $10.00 per share for aggregate gross proceeds of $36.8 million prior to the      
 payment of placement agent fees of $1.2 million. Additionally, in connection with the PIPE Financing, GSR III committed to issue      
 two sets of warrants upon the Closing of the Business Combination, the Half Warrants, exercisable for 1,841,750 PubCo Ordinary Shares 
 at an exercise price of $12.00 per share and the Quarter Warrants, exercisable for 920,875 PubCo Ordinary Shares at an exercise price 
 of $16.00 per share. The PIPE Warrants have a five-year term from issuance.                                                           |

The PIPE Shares and PIPE Warrants qualify for permanent equity
classification under ASC 815-40. As such, the $36.8 million of proceeds was allocated between the PIPE Shares and the PIPE Warrants
on the basis of their relative fair values. The fair values of the PIPE Shares and PIPE Warrants were determined using a Monte Carlo simulation
with assumptions including a $7.41 share price, 3.61% to 3.67% risk-free rate, and 117.5% volatility. As a result, $6.6 million of
the gross proceeds were allocated to the Half Warrants, $2.9 million