BSTR terminates SPAC merger with CEPO; pays $15M termination fee

BSTR Holdings, Inc.

Business Combination Agreement dated July 16, 2025 terminated Aug 20, 2026; all Transaction Documents terminated.
BSTR to pay CEPO $15M cash fee: $10M by Sep 19, 2026 and $5M by Dec 1, 2026.
Mutual releases of claims, waiver of trust-account claims, covenant not to sue.
BSTR to withdraw S-4 registration statement; CF&Co. placement agent and advisory letters terminated.
Termination cited Bitcoin price pressure limiting convertible and perpetual-equity strategies; BSTR continues treasury pursuit.

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