Company: DDC
Filing Date: 2025-08-05
Form Type: F-3/A
Source: 0001213900-25-072148
Chunk: 14

Company: DDC Enterprise Ltd
Filing Date: 2025-08-05
Form: F-3/A
Chunk 14
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 convertible into Class A Ordinary Shares at the conversion price set forth therein, subject to customary anti-dilution adjustments. The Initial Warrants are exercisable for Class A Ordinary Shares immediately and expire five years from the date of issuance, at an exercise price set forth therein, subject to customary anti-dilution adjustments. Holders are subject to beneficial ownership limitations consistent with market practice. The Initial Closing took place on July 1, 2025. At the Initial Closing, the parties also executed certain security agreements. Additional Closing.The SPA also contemplates an optional additional closing (“ Additional Closing”), pursuant to which the Company may sell, and the Purchasers may purchase, upon mutual written consent, additional securities for an aggregate subscription amount of up to $275,000,000, comprising additional Senior Secured Convertible Notes and warrants. The obligations of the Company and the Purchasers at the Additional Closing are subject to conditions similar to those for the Initial Closing, with the additional condition for the Purchasers that no Event of Default (as defined in the Notes) shall have occurred or be continuing. Pursuant to the SPA, net proceeds from the offering are to be used exclusively for purchasing Bitcoin, are required to be deposited into a cash collateral account, and are subject to release only under specified conditions. The Notes (as defined below) are secured by a first-priority security interest in specific assets of the Company (the “ Collateral”) which includes the Company’s cash and Bitcoin holdings as described below, pursuant to: (i) that certain Security Agreement, dated as of July 1, 2025, by and among the Company, the Purchasers and the Agent; (ii) an Account Control Agreement, dated as of July 1, 2025, by and among the Company, the Purchasers and the Agent; and (iii) that certain Subsidiary Guarantee from non-People’s Republic of China subsidiaries of the Company (collectively, the “ Security Documents”). The Collateral includes:

| (i) | Cash Collateral: all cash deposited or to be deposited in the Cash Collateral Account (as defined in the Security Agreement); |

| (ii) | Digital Asset Collateral: all Bitcoin held in or credited to the Digital Asset Collateral Account (as defined in the Security Agreement); and |

| (iii) | Other Collateral: any additional assets specified as “Collateral” in the Security Agreements. |

The Cash Collateral may be released to purchase Bitcoin and Digital Asset Collateral may be released