Company: PTHL
Filing Date: 2025-12-05
Form Type: 6-K
Source: 0001213900-25-118724
Chunk: 1

Company: Pheton Holdings Ltd
Filing Date: 2025-12-05
Form: 6-K
Chunk 1
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 the Selling Shareholders, representing the right
to acquire up to 3,000,000 Class A ordinary shares of the Company at an exercise price of $3.10 per share (the “Warrant Shares”).
The Warrants become exercisable in separate tranches, with each tranche becoming eligible for exercise upon the Target’s achievement
of the applicable quarterly or annual performance milestones set forth in the SPA, as amended. Each of the twelve quarterly milestones
and three annual milestones (each, a “Milestone,” and collectively, the “Milestones”) is tied to defined business
performance metrics measured over the applicable measurement period within the overall performance period from January 1, 2026 through
December 31, 2028. The determination as to whether a Milestone has been achieved will be made after the end of its applicable measurement
period and in accordance with the procedures specified in the SPA, as amended. Upon the Company’s written confirmation that a Milestone
has been satisfied in accordance with the SPA, as amended, the corresponding tranche of Warrants becomes exercisable for a period of ninety
(90) days, subject to the terms and conditions set forth in the SPA, as amended. No Warrants shall be exercised after 5:00 p.m. Eastern
Time on November 25, 2030.

Pursuant to the Amendment, the parties revised
the mechanics governing the issuance of the 4,000,000 Class A ordinary shares (the “Earn-out Shares”) referenced in the Prior
6-K. Under the amended structure, Earn-out Shares will be issued upon the satisfaction of the applicable quarterly or annual Milestones,
which will be evaluated over respective measurement periods within the overall performance period commencing on January 1, 2026 and ending
on December 31, 2028. The Amendment further provides that the parties may, by mutual agreement, elect to effect the issuance of any portion
of the Earn-out Shares in advance of the achievement of the related Milestone, provided that any such “Early Shares” will
be subject to lock-up provisions and forfeiture if the related Milestones are not ultimately achieved, in accordance with the SPA, as
amended. No Earn-out Shares will be issued (or, in the case of Early Shares, released from lock-up and forfeiture provisions) with respect
to any Milestone that is not satisfied within its designated measurement period. As of the date of this Report, no Earn-out Shares have
been issued.

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