Company: BDCIU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109324
Chunk: 66

Company: BTC Development Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 closing of a Business Combination, the Company
will use its best efforts to file, and within 60 business days following a Business Combination to have declared effective,
a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its best
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus
relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the
foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective
within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective
registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise
warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such
exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants
on a cashless basis.

12

BTC DEVELOPMENT CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED) 

NOTE 7. SHAREHOLDERS’
DEFICIT (cont.)

Redemption of warrants
when the price per Class A ordinary share equals or exceeds $18.00. Once the Warrants become exercisable, the Company may
redeem the Warrants:

    ●
    in whole and not in part;

    ● at a price of $0.01 per warrant; 

    ● upon not less than 30 days’ prior written notice of redemption to each warrant holder and 

    ● if, and only if, the closing price of the Company’s Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the notice of redemption is given to the warrant holders. 

If and when the warrants
become redeemable by the Company, the Company may exercise its redemption right even if it is unable to