Company: NKLR
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001213900-25-063846
Chunk: 196

Company: Terra Innovatum Global N.V.
Filing Date: 2025-07-15
Form: S-4/A
Chunk 196
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 for the Sponsor and its affiliates. |     | GSR III could potentially have found a target that may have a more optimal risk/return profile than Terra Innovatum. In this case, GSR III, its shareholders (including the Sponsor) and affiliates would stand to benefit more than in the Business Combination with Terra Innovatum. |

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| Stakeholder                          |     | Benefits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |     | Detriments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Unaffiliated Shareholders of GSR III |     | Failure to complete a business combination would result in GSR III and the Trust Account being liquidated, in which case GSR III public shareholders would receive their pro rata portion of the Trust Account. If the market was to recognize the valuation and potential of the PubCo, the stock price may increase from the Trust Account amount per share of approximately $10.17 as of March 31, 2025.                                                                                                                                                                                                                                                                                                                                                                   |     | For non-redeeming GSR III public shareholders, there is a risk that the market will not support the valuation of the PubCo either as a result of a general market downturn or risks specific to the PubCo. In this case, the stock price may be reasonably expected to trade below the Trust Account amount per share of approximately $10.85 as of July 11, 2025. If this scenario were to materialize, the GSR III public shareholders would have been better off redeeming their GSR III Public Shares than holding their GSR III Public Shares following the Closing. |
| Terra Innovatum                      |     | The Business Combination represents the opportunity for Terra Innovatum to become a publicly traded company while maintaining Terra Innovatum’s mission. Becoming a publicly traded company as a result of the Business Combination would provide the PubCo with enhanced access to capital to facilitate its growth, as well as greater liquidity to Terra Innovatum’s shareholders. Becoming a public company could increase Terra Innovatum’s profile and visibility. SPAC sponsors are expected to bring access to networks which could help accelerating the company’s growth. The Business Combination is conditioned on the receipt of approval for listing on Nasdaq of the shares of PubCo Ordinary Shares to be issued in connection with the Business Combination. |     | The potential detriments to Terra Innovatum and its affiliates are the increased costs and difficulty of operating as a public company and the dilution of their ownership stake in Terra Innovatum as a result of the Business Combination.                                                                                                                                                                                                                                                                                                                              |

Interests of