ProCap Financial completes de-SPAC; $516.5M preferred equity, $235M convertible notes, ~4,951 BTC acquired

ProCap Financial, Inc.

Closed de-SPAC with Columbus Circle Capital; common stock (BRR) and warrants (BRRWW) list on Nasdaq.
Raised $516.5M in preferred equity at $10/unit; proceeds purchased ~4,951 Bitcoin at ~$104,333.56 avg.
Issued $235M in convertible notes (97% par); zero interest, 130% conversion, 36-month maturity, 2x collateral.
Sponsor and seller earnout: 8.33M and 9.5M shares tied to stock price ≥$10.21 or BTC VWAP ≥$140k within 2 years.
Common unit holders locked up for 6 months; no Adjustment Shares issued at closing.

item 1.01 item 2.01 item 9.01 item 5.02 item 3.02 item 2.03 item 3.03 item 5.03 item 5.01 item 5.05 item 5.06 item 7.01

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filed_at: 2025-12-11T23:59:59+00:00
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Source: SEC EDGAR

accession 0001213900-25-120791

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