Business
Warrant Extension and Company Update
DeFi Development Corporation UK PLC is changing its name to Cykel AI PLC to reflect a strategic repositioning towards artificial intelligence. The company has secured an extension until June 29, 2028, for investors to satisfy conditions related to warrants from a £2.8 million fundraise announced in August 2025. Additionally, the company's revolving credit facility has been terminated with a settlement payment made, and Hadley Stern, Michael Chan, and Nathalie Maggi are stepping down from their board positions, with Gerald Tritt appointed as the new Chief Executive Officer. Disclaimer*
About this update from Defi Development Corporation Uk Plc
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. 29 June 2026 DeFi Development Corporation UK PLC the ("Company") Proposed Change of Name Warrant & Revolving Facility Updates Board Changes DeFi Development Corporation UK PLC (LSE: DFDV and OTCQB: DFUKF) announces the following changes: Change of Name The Company intends to change its name from DeFi Development Corporation UK PLC to Cykel AI PLC. A further announcement will be made once the name change has taken effect on Companies House and subsequently on the Main Market of the London Stock Exchange. The Board believes that the change of name better reflects the Company's strategic repositioning and renewed focus on artificial intelligence. Shareholders should note that the proposed change of name has no effect on their shareholdings. The Company's ISIN, SEDOL and Legal Entity Identifier remain unchanged. Warrant Update On 28 August 2025, the Company announced a £2.8 million gross fundraise (the "Fundraise") through a subscription for pre-paid warrants (the "Pre-Paid Warrants") by a group of strategic investors (the "Investors"). Subject to shareholder approval, the Investors were also to receive cash warrants over new Ordinary Shares (the "Investor Warrants" and, together with the Pre-Paid Warrants, the "Warrants"). The Warrants are not capable of exercise until certain conditions have been satisfied ("Conditions"), the original deadline for which was 31 November 2025. Failing this, the Warrants would expire and be cancelled and the deposit for the Pre-Paid Warrants would be repaid (less pre-agreed contributions to transaction costs). On 4 December 2025, the Company announced the cancellation of 5,000,000 Warrants and an agreement with certain Investors to extend the period for satisfying the Conditions required before the Warrants could be exercised to 1 June 2026. On 1 June 2026, the Company announced a second extension of the deadline to 22 June 2026. The Company is pleased to announce that it has reached agreement with the Inv...
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