Company: DDC
Filing Date: 2025-08-05
Form Type: F-3/A
Source: 0001213900-25-072148
Chunk: 15

Company: DDC Enterprise Ltd
Filing Date: 2025-08-05
Form: F-3/A
Chunk 15
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 if the loan-to-value ratio (the “ LTV Ratio”) is at or below 60% for five consecutive business days, provided no event of default exists or would occur as a result from such release and that the LTV Ratio before, and immediately after, giving effect to such release does not exceed 60%. The foregoing description of the SPA does not purport to be complete and is qualified in its entirety by reference to the full text of the SPA, the Initial Notes and the Initial Warrants, which are attached hereto as Exhibits 10.1, 10.2 and 4.1, respectively, and are incorporated herein by reference.

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ELOC Ordinary Share Purchase Agreement

As announced on June 17, 2025,
on June 16, 2025, the Company entered into an Ordinary Share Purchase Agreement (the “ELOC SPA”) with Anson Investments
Master Fund LP and Anson East Master Fund LP (each a “Co-Investor” and the Co-Investors together, the “Investor”).
Pursuant to the ELOC SPA, the Company may issue and sell to the Investor, from time to time, up to $200,000,000 (the “Total Commitment”)
in aggregate gross purchase price of newly issued Class A Ordinary Shares, in reliance on Section 4(a)(2) of the Securities Act and Rule
506(b) of Regulation D.

The Company has the right,
but not the obligation, to sell shares under the ELOC SPA, subject to customary conditions, including effectiveness of a registration
statement covering the resale of such shares. The Company may direct the Investor, from time to time as further provided in the ELOC
SPA, to purchase from the Company such number of Class A Ordinary Shares as set forth in a written notice to the Investor. The price
for such shares shall be equal to the product of (i) the lowest VWAP of the Class A Ordinary Shares for the three trading days beginning
on the date of such notice multiplied by (ii) 0.98.

Notwithstanding anything
to the contrary contained in the ELOC SPA, the Company shall not issue or sell, and the Investor shall not purchase or acquire, any Class
Ordinary Shares under the ELOC SPA that, together with all other Class A Ordinary Shares then beneficially owned by the Investor and
its affiliates, would result in the beneficial ownership by the Investor of more than 4.