DDC Enterprise (DDC): Real Bitcoin Per Share After Senior Claims

The July 2025 senior secured convertible loans carry conversion and redemption mechanics that the headline conversion price does not describe. Each term below is quoted to the filing it comes from. Terms of this kind have been amended once already, so confirm against the issuer's most recent filing before relying on any of them.

Alternate conversion

88% of the lowest VWAP in the 20 trading days preceding conversion, amended from 94% of the lowest VWAP over 10 trading days. As filed 2025-09-26, 6-K, waiver and forbearance.

Warrant anti-dilution

Full ratchet. SPA Exhibit 10.3, Section 2(b), filed with the 6-K of 2025-07-01.

Original issue discount

5%. $25,000,000 subscribed for $26,315,789 of principal. SPA dated 2025-06-16, initial closing 2025-07-01.

Financing redemption

The holder may require redemption out of 20% of the gross proceeds of any future financing, at 105% of the principal amount being redeemed. FY2025 20-F Note 18, filed 2026-04-21.

Warrant exercise price

PENDING. The warrants strike at a VWAP measured on the SPA date of 2025-07-01, and no filing held here states the resulting price. This page does not derive it from market data, so it stays pending until a filing states it.

The note sits in the claim stack at its filed carrying value, and Senior Claims % on this page is computed from that balance sheet. The mechanics above move the share count rather than the claim, so none of them is priced into that figure.