Company: KYIV
Filing Date: 2025-04-18
Form Type: DRS
Source: 0001213900-25-033341
Chunk: 254

Company: Kyivstar Group Ltd.
Filing Date: 2025-04-18
Form: DRS
Chunk 254
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, including any PIPE Investment) is at least $50 million.

121 3.2Minimum Equity holding Pursuant to Section 8.2(f) of the Business Combination Agreement, the number of Kyivstar Group Ltd. Common Shares to be issued to the Seller in consideration of the Business Combination shall not be less than 80% of the fully diluted share capital of Kyivstar Group Ltd. 3.3PIPE considerations As of the date of this proxy statement/prospectus, no amounts have been committed under any PIPE Investment. 4.Adjustments to the unaudited pro forma condensed combined financial information as of December 31, 2024 4.1Adjustments to the unaudited pro forma condensed combined statement of financial position as of December 31, 2024 The following adjustments have been reflected in the unaudited pro forma condensed combined statement of financial position: A1.To reflect the Cohen Circle Class A Ordinary Share redemption liability of $238 million reported within debts and derivatives based on a per share redemption price of $10.35 per share. This reflects an income of $5 million and an increase in cash from marketable securities held in the Trust Account of $5 million, as well as an increase in debts and derivatives by $5 million and a charge in accumulated deficit by $5 million. The difference between the redemption liability and the Cohen Circle Class A Ordinary Share value in the statement of financial position is due to the difference between total interests accrued on the Trust Account as of December 31, 2024 and expected total interests to be accrued up to the Closing Date. A2.To reflect the release of $238million cash from marketable securities held in the Trust Account to cash and cash equivalents that becomes available at Closing of the Business Combination. The reclassification comes after the increase of additional income of $5million from the Trust Account investments from December 31, 2024 up to the Closing Date. B.To reflect the recapitalization of VEON Holdings through: B1.As a result of the Pre -ClosingReorganization, the equity of VEON Holdings on the assumed date of the Pre -ClosingReorganization is contributed to Kyivstar Group Ltd., which consists of all the aggregate issued capital, in VEON Holdings to Kyivstar Group Ltd. of $3,160 million. B2.Assuming No Redemptions: i.The issuance of 190,526,570 Kyivstar Group Ltd. Common Shares. ii.The repayment of $192 million to the Seller,