Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 23

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 — The
Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share with such designations, voting and other
rights and preferences as may be determined from time to time by the Company’s board of directors. At September 30, 2025 (unaudited)
and December 31, 2024, there were no preference shares issued or outstanding.

Class A Ordinary
Shares — The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $0.0001
per share. Holders of ordinary shares are entitled to one vote for each share. At September 30, 2025 (unaudited) and December 31, 2024,
there were no shares of Class A ordinary shares issued or outstanding.

Class B Ordinary
Shares — The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $0.0001
per share. Holders of ordinary shares are entitled to one vote for each share. As of September 30, 2025 (unaudited) and December 31, 2024,
there were 8,686,667 and 1 Class B ordinary shares issued and outstanding, respectively.

Warrants — As
of September 30, 2025 (unaudited) and December 31, 2024, there were no Public Warrants and Placement Warrants outstanding. Public Warrants
may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units and only whole
warrants will trade. The Public Warrants will become exercisable on the later of 30 days after the completion of a Business Combination
and 12 months from the closing of the Initial Public Offering. The Public Warrants will expire five years after the completion
of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated
to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the Class A ordinary shares underlying the warrants is then
effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration.
No warrant will be exercisable and the Company will not be obligated to issue