Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 353

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 353
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 expect to generate any operating revenues until after the completion of the Business Combination. Subsequent to the Initial Public Offering, Cohen Circle generates non -operatingincome in the form of interest income on marketable securities held in the trust account (the “Trust Account”). Cohen Circle incurs expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses. For the year ended December 31, 2024, Cohen Circle had a net income of $2,105,923, which consisted of interest earned on marketable securities held in Trust Account of $2,219,247, offset by formational, general and operational costs of $113,324. For the year ended December 31, 2023, Cohen Circle had a net loss of $377,628 which consisted of formational, general and operational costs. Liquidity and Capital Resources Until the consummation of the Initial Public Offering, Cohen Circle’s only source of liquidity was an initial purchase of shares of Class B Ordinary Shares, par value $0.0001 per share, by the Sponsor and loans from the Sponsor. Subsequent to the quarterly period covered by this Quarterly Report, on October 15, 2024, Cohen Circle consummated the Initial Public Offering of 23,000,000 units at $10.00 per Unit, generating gross proceeds of $230,000,000. Simultaneously with the closing of the Initial Public Offering, Cohen Circle consummated the sale of an aggregate of 715,000 Placement Units at a price of $10.00 per Placement Unit in a private placement to Cohen Circle Sponsor I, LLC and Cantor generating gross proceeds of $7,150,000. Following the Initial Public Offering, the full exercise of the over -allotmentoption, and the sale of the Placement Units, a total of $231,150,000 was placed in the Trust Account. Cohen Circle incurred $14,373,989 in transaction costs, consisting of $4,000,000 of cash underwriting fee, $9,800,000 of deferred underwriting fee, and $573,989 of other offering costs. For the year ended December 31, 2024, net cash used in operating activities was $339,537. Net income of $2,105,923 was affected by interest earned on marketable securities of $2,219,247, changes in operating assets and liabilities, which used $276,131 of