Company: KYIV
Filing Date: 2025-04-18
Form Type: DRS
Source: 0001213900-25-033341
Chunk: 200

Company: Kyivstar Group Ltd.
Filing Date: 2025-04-18
Form: DRS
Chunk 200
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 a non -U.S. corporation. U.S. holders of Cohen Circle Class A Ordinary Shares will be deemed to transfer shares of such stock to Kyivstar Group Ltd. in exchange for Kyivstar Group Ltd. Common Shares, so that these requirements will apply. Under applicable Treasury Regulations under Section 367(a) of the Code, a U.S. holder who owns (directly, indirectly, or by attribution) 5% or more of the total voting power or total value of the stock of Kyivstar Group Ltd. immediately after the completion of the Merger will be required to recognize gain (but not loss) as a result of the Merger unless 82 the U.S. holder enters into a “gain recognition agreement” (as defined in the Treasury Regulations) with the IRS. All U.S. holders are urged to consult their own tax advisors regarding the decision to file a gain recognition agreement and the procedures to be followed in connection with such a filing. Redemption of Cohen Circle Class A Ordinary Shares This discussion is subject to the discussion under “— Passive Foreign Investment Company Rules” below. In the event that a U.S. holder of Cohen Circle Class A Ordinary Shares exercises such holder’s right to have such holder’s Cohen Circle Class A Ordinary Shares redeemed pursuant to the redemption provisions described herein, the treatment of the transaction for U.S. federal income tax purposes will depend on whether the redemption qualifies as a sale of such stock pursuant to Section 302 of the Code or whether the U.S. holder will be treated as receiving a corporate distribution. Whether that redemption qualifies for sale treatment will depend largely on the total number of Cohen Circle Class A Ordinary Shares treated as held by the U.S. holder (including any stock constructively owned by the U.S. holder as a result of, among other things, owning warrants) relative to all of Cohen Circle Class A Ordinary Shares both before and after the redemption. The redemption of stock generally will be treated as a sale of the stock (rather than as a corporate distribution) if the redemption is “substantially disproportionate” with respect to the U.S. holder, results in a “complete termination” of the U.S. holder’s interest in SPAC or is “not essentially equivalent to a dividend” with respect to the U.S. holder. These tests are explained more fully below. In determining whether any of the foregoing tests are satisfied, a U.S. holder takes into account not only stock actually owned by the U.S. holder, but also Cohen Circle Class A Ordinary Shares that