Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 60

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 60
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 addition, SES is exempt from
certain disclosure and procedural requirements applicable to proxy solicitations under Section 14 of the Exchange Act. The members of the SES Board and SES’s officers and principal shareholders are exempt from the reporting and
“short-swing” profit recovery provisions of Section 16 of the Exchange Act. Accordingly, there may be less publicly available information relating to SES than there is for companies whose securities are registered under the Exchange
Act but are not foreign private issuers, and such information may not be provided as promptly as it is provided by such companies. In addition, certain information may be provided by SES in accordance with Luxembourg law, which may differ in scope,
substance or timing from such disclosure requirements under the Exchange Act. It is expected that after the Acquisition, SES will remain a foreign private issuer.

SES’s status as a foreign private issuer is subject to an annual review and test and will be tested again as of June 30, 2025 (the
last business day of its second fiscal quarter of 2025).SES would lose its status as a “foreign private issuer” under current SEC rules and regulations if more than 50% of SES’s outstanding voting securities becomes directly or
indirectly held of record by U.S. holders and one of the following is true: (i) the majority of SES’s directors or executive officers are U.S. citizens or residents; (ii) more than 50% of SES’s assets are located in the United
States; or (iii) SES’s business is administered principally in the United States. If SES loses its status as a foreign private issuer in the future, it will no longer be exempt from the rules described above and, among other things, will
be required to file periodic reports and annual and quarterly financial statements as if it were a company incorporated in the United States. If this were to happen, SES would likely incur substantial costs in fulfilling these additional regulatory
requirements and members of SES’s management would likely have to divert time and resources from other responsibilities to ensure these additional regulatory requirements are fulfilled.

If SES remains a foreign private issuer after the Acquisition, you may not have the same protections afforded to shareholders of companies
that are required to comply with all of Exchange Act rules.

SES’s business is subject to extensive regulation and is sensitive to regulatory changes in each of the countries in which it provides services.

The operation of SES’s business is and will continue to be
subject to the laws and regulations of the governmental authorities of the countries where SES operates