Company: KYIV
Filing Date: 2025-07-17
Form Type: F-4/A
Source: 0001213900-25-064873
Chunk: 447

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-17
Form: F-4/A
Chunk 447
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 to VEON Group in consideration for VEON Holdings pursuant to the Business Combination Agreement, and (ii) whether VEON Holdings has an aggregate fair market value equal to at least 80 percent of the balance of funds in the Trust Account (excluding any deferred underwriters’ fees and taxes payable on the income earned on the Trust Account). See the subsection entitled “— Description of Northland Fairness Opinion”below . In addition, before determining that the Transaction was in the best interests of Cohen Circle and its stockholders, the Cohen Circle Board reviewed various industry and financial data, including, but not limited to, VEON Holdings’ existing business model, historical financials, and various valuation analyses, and reviewed the results of management’s due diligence review of VEON Holdings which took place over a three -monthperiod beginning in December of 2025 and continuing through the signing of the Business Combination Agreement on March 18, 2025 including extensive meetings and calls with VEON Holdings’ management team regarding operations, review of VEON Holdings’ material contracts, intellectual property matters, financing and accounting due diligence, tax due diligence, engaging and consulting third -partyexperts and financial advisors including Northland, and other legal due diligence with assistance from our legal counsel. The Cohen Circle Board and management have extensive experience in the financial services and financial technology industries, as well as with operational management, and investment and financial analysis. As such, the members of the Cohen Circle Board and management team believe that they are qualified to conduct and analyze the due diligence required for us to identify a merger partner. See the section entitled “Management of Cohen Circle”for additional information regarding the experience of the Cohen Circle Board and management team. Cohen Circle has been conducting a search for a business combination partner since our IPO in October of 2024. In its evaluation of business combination partners, the Cohen Circle Board and management team considered a wide variety of complex factors. The Cohen Circle Board did not consider it practicable or relevant to quantify or otherwise assign relative weights to the specific factors it considered in reaching its final decision. 248 In the evaluation of business combination partners, the Cohen Circle Board and Cohen Circle’s management team considered a wide variety of complex factors. In light of the number and wide variety of factors considered in connection with its evaluation of the Business Combination, the Cohen Circle Board did not consider it practicable or relevant to quantify or otherwise assign relative weights to the specific factors it considered in reaching its final decision. The Cohen Circle Board viewed its decision as being based on all the information