Company: CRCL
Filing Date: 2025-02-13
Form Type: DRS/A
Source: 0000950123-25-001965
Chunk: 162

Company: Circle Internet Group, Inc.
Filing Date: 2025-02-13
Form: DRS/A
Chunk 162
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 the agreement.
There is one convertible promissory note outstanding as of December 31, 2024 (the “2019 Note”). In September 2024, the holders elected to convert a principal amount of approximately $8.3 million of the 2019 Note, plus accrued but
unpaid interest, into 524,009 shares of Series E preferred stock at a conversion price of $16.23 per share. As of December 31, 2024, the 2019 Note has a principal amount of approximately $18 million. The 2019 Note is convertible into shares of
Series E preferred stock subject to the conversion provisions in the agreement, matures on March 1, 2026, unless earlier converted, and has an annual interest rate of 2.9% due annually in arrears on the last day of each calendar year. At any
time during the term and at the sole discretion of the holder, but only once in any given 12-month period, all or a portion of the principal amount with any accrued and unpaid interest (collectively, the
“Conversion Amount”) can at the election of the holder be converted into shares of Series E preferred stock at a conversion price of $16.23 per share.

In March 2021, we entered into a convertible note purchase agreement pursuant to which we issued a convertible unsecured promissory note for $50.7 million. We were
obliged to repay the outstanding principal amount upon maturity. We subsequently amended the convertible note purchase agreement to provide for several additional closings, which resulted in the sale of approximately $400.3 million of
additional notes as of December 31, 2021. In March 2022, the holders automatically converted their principal balance of $451.0 million into approximately 27.8 million Series E preferred shares at a conversion rate of $16.23 per share.
The fair

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CONFIDENTIAL TREATMENT REQUESTED BY CIRCLE INTERNET GROUP, INC. PURSUANT TO 17 C.F.R. § 200.83

value of the convertible notes as of the conversion date was $1,525.0 million, of
which $451.0 million principal balance was converted to Series E preferred shares and $1,074.0 million was recorded in additional paid-in capitalin the consolidated balance sheets as of
December 31, 2022.

Equity financing

In May 2022, Circle issued
approximately 9.5