Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 64

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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withstanding the foregoing, CCM and KBW and/or their designees may not exercise its demand and “piggyback”
registration rights after five and seven years after the commencement of sales in the Initial Public Offering, and may not exercise
its demand rights on more than one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.

11

BTC DEVELOPMENT CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED) 

NOTE 6. COMMITMENTS AND CONTINGENCIES (cont.)

Underwriting Agreement

The Company granted the underwriters,
Cohen & Company Capital Markets, an affiliate of the sponsors, and Keefe, Bruyette & Woods, Inc., a 45-day option from the
date of the Initial Public Offering to purchase up to 3,300,000 additional Units to cover over-allotments, if any, at the Initial
Public Offering price less the underwriting discounts and commissions. On October 1, 2025, simultaneously with the closing of the Initial
Public Offering, the underwriters elected to fully exercise the over-allotment option to purchase the additional 3,300,000 Units at a
price of $10.00 per Unit.

The underwriters were entitled
to a cash underwriting discount of $0.20 per Unit or $4,400,000 in the aggregate, which was paid at the closing of the Initial Public
Offering. In addition, (i) $0.40 per unit sold in the base offering, or $8,800,000 in the aggregate, and (ii) $0.60 per unit
sold pursuant to the underwriters’ over-allotment option, or $1,980,000 in the aggregate, is payable to the underwriters for deferred
underwriting commissions held in the Trust Account. The deferred commissions will be released to CCM and KBW for their own accounts concurrently
with completion of an initial Business Combination.

NOTE 7. SHAREHOLDERS’ DEFICIT

Preference Shares — 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