Company: KYIV
Filing Date: 2025-08-15
Form Type: 20-F
Source: 0001213900-25-077507
Chunk: 18

Company: Kyivstar Group Ltd.
Filing Date: 2025-08-15
Form: 20-F
Item: Item 17
Chunk 18
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stated or the context otherwise requires, capitalized terms used but not defined herein have the meanings assigned to them in the Business
Combination Agreement.

As of the Closing Date, the following transactions
occurred pursuant to the terms of the Business Combination Agreement (collectively, the “ Transactions”):

  the sale from Seller to PubCo all of the issued and outstanding equity                                                                        

  the merger of Merger Sub with and into Cohen Circle upon                                                                               

  the other transactions contemplated by the Business Combination  

Prior to Closing, a total of 5,847,015 Cohen Circle ordinary shares
were redeemed for a value of approximately $60.8 million, resulting in a total of 17,152,985 Cohen Circle public ordinary shares remaining
issued and outstanding as of the Closing Date. As of Closing, the amount standing to the balance of the Trust Account was approximately
$178.4 million. As of August 14, 2025, subsequent to Closing, there were 230,863,523 PubCo common shares outstanding.

Prior to the completion of the Transactions, PubCo
did not conduct any material activities other than those incident to its formation, the incorporation of Merger Sub and the matters contemplated
by the Business Combination Agreement, such as the making of certain required securities law filings. Upon the closing of the Transactions,
PubCo became the direct parent of the VEON Holdings and its subsidiaries, including JSC Kyivstar, a private joint-stock company incorporated
in Ukraine on September 3, 1997 (“ JSC Kyivstar”). JSC Kyivstar is a telecommunications and digital business, operating
Ukraine’s leading provider of mobile communication by number of subscribers and broadband services by number of access lines, as
of December 31, 2024. We provide mobile, digital and fixed-line services to over 23 million mobile customers and over 1.1 million broadband
subscribers as of December 31, 2024.

On March 17, 2025, the Seller, the Sponsors and
PubCo entered into a lock-up agreement (the “ Seller Lock-Up Agreement”) providing for, among other things, certain restrictions
on the transfer of 95% of the PubCo common shares to be issued to the Seller at Closing until the earlier of (i) 180 days following the
Closing Date, (ii) the price of PubCo’s common shares meeting or exceeding $13.50 for 20 trading days of any consecutive 30 trading
days, and