[6-K] VEON Ltd. ADS Current Report (Foreign Issuer)

Rhea-AI Filing Summary

VEON disclosed that Cohen Circle Acquisition Corp. I. entered into a business combination agreement with VEON Amsterdam B.V., VEON Holdings, PubCo and Varna Merger Sub to effect a transaction involving Kyivstar. Ahead of Cohen Circle’s extraordinary shareholders meeting, holders of 5,847,015 Class A ordinary shares—equal to 25.4% of public Class A shares—properly exercised redemption rights for cash, while all 7,666,667 public warrants remain outstanding.

Cohen Circle expects approximately $178 million to remain in its trust account at the anticipated closing on or about August 14, 2025, subject to shareholder approval and customary closing conditions. The filing reiterates forward-looking risks explicitly tied to closing conditions, regulatory approvals, potential legal proceedings, Nasdaq listing requirements and geopolitical developments; PubCo filed a Form F-4 on June 5, 2025 and the definitive proxy/prospectus process is underway.

Positive

• Approximately $178 million expected to remain in Cohen Circle's trust account at closing
• All 7,666,667 public warrants remain outstanding and are not subject to redemption rights
• Registration Statement on Form F-4 filed (initially filed June 5, 2025) and the definitive prospectus has been filed with the SEC

Negative

• 5,847,015 Class A shares were redeemed, representing 25.4% of public Class A shares, reducing cash available for the transaction
• Closing is subject to shareholder and regulatory approvals and customary closing conditions, so consummation is not guaranteed
• Forward-looking risks explicitly include potential legal proceedings, Nasdaq listing issues and geopolitical escalation affecting transaction outcomes

Insights

Financial Analyst

TL;DR: Redemption of 25.4% cuts Cohen Circle’s public float and leaves roughly $178M in trust, reducing the transaction's cash cushion.

The redemption of 5,847,015 public Class A shares materially lowers the cash retained in the trust account, which tightens the financing buffer available at closing. That said, the deal process is progressing: Form F-4 has been filed and the definitive prospectus/proxy has been distributed. From a financial standpoint, investors should note the smaller post-redemption trust balance relative to initial expectations and the continued reliance on shareholder and regulatory approvals to consummate the transaction.

M&A Specialist

TL;DR: A 25.4% redemption rate signals elevated execution risk for the business combination and reduces deal flexibility ahead of approvals.

High redemption by public holders can increase execution risk by shrinking available cash and altering deal dynamics, especially if additional contingencies or funding adjustments become necessary. The filing confirms remaining procedural steps—proxy solicitation and regulatory clearances—which could be affected by the reduced trust balance. The persistence of forward-looking risks, including potential legal challenges and Nasdaq listing requirements, heightens the probability of timing delays or structural changes to the transaction.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of August 2025

Commission File Number 1-34694

VEON Ltd.

(Translation of registrant’s name into English)

Index Tower (East Tower), Unit 1703, Dubai (DIFC), United Arab Emirates

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒        Form 40-F ☐

Information contained in this report

As previously announced, on March 18, 2025, Cohen Circle Acquisition Corp. I. (the “Cohen Circle”) entered into a business combination agreement (the “Business Combination Agreement”) by and among (1) the Cohen Circle, (2) VEON Amsterdam B.V. (the “Seller”), (3) VEON Holdings B.V. (“VEON Holdings”), (4) PubCo, and (5) Varna Merger Sub Corp. (together with VEON Holdings and PubCo, the “Kyivstar Group” and separately, a “Kyivstar Group Company”), (together with the other transactions contemplated by the Business Combination Agreement, the “Business Combination”).

On August 11, 2025, Cohen Circle announced that, as of the redemption deadline prior to its extraordinary general meeting of its shareholders scheduled for August 12, 2025, the holders of 5,847,015 shares of the Cohen Circle’s Class A ordinary shares, par value $0.0001 per share, representing 25.4% of Cohen Circle’s Company’s Class A ordinary shares held by its public shareholders, had properly exercised their right to redeem those shares for cash. All 7,666,667 Company public warrants, which are not subject to redemption rights by the holders thereof, remain outstanding. Subject to approval of the Business Combination by Cohen Circle’s extraordinary general meeting, Cohen Circle expects approximately $178 million to remain in its Trust Account at the closing of the Business Combination, expected to occur on or about August 14, 2025, subject to the satisfaction of customary closing conditions.

Forward-Looking Statements

This Report on Form 6-K contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this Report on Form 6-K that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the Business Combination, the expected timing of the closing of the Business Combination, the expected amount of funds available on Cohen Circle’s trust account at the closing of the Business Combination, the expected impact of the Business Combination, including PubCo being the first U.S.-listed pure play Ukrainian investment opportunity, potential investor interest and the percentage of VEON’s ownership interest in the equity of PubCo following the closing of the Business Combination. These statements are based VEON, Cohen Circle and Kyivstar on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar’s, PubCo’s, VEON’s or Cohen Circle’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this Report on Form 6-K, including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination (including as a result of a termination of the BCA and/or any related agreements between the relevant parties); the outcome of any legal proceedings that may be instituted against Cohen Circle, Kyivstar or VEON, any of its subsidiaries or others following the announcement of the Business Combination; the inability to complete the Business Combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to the closing of the Business Combination; changes to the proposed structure of the Business Combination or the business combination contemplated thereunder that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the Business Combination and admission of PubCo for trading on the Nasdaq; the risk that the Business Combination disrupts current plans and operations of VEON as a result of the announcement and consummation of the Business Combination; the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of PubCo to grow, retain its management and key employees; costs related to the Business Combination; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the registration statement on Form F-4 initially filed with the SEC by PubCo on June 5, 2025, as amended. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar and Cohen Circle cannot predict with accuracy and some of which neither VEON, Cohen Circle nor Kyivstar might even anticipate. The forward-looking statements contained in this Report on Form 6-K speak only as of the date of this filing. VEON and Kyivstar do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.

No assurances can be made that the parties will successfully close the Business Combination, or close the Business Combination on the timeframe currently contemplated. The Business Combination is subject to the approval of Cohen Circle’s shareholders as well as other regulatory approvals and customary conditions to Closing.

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Additional Information and Where to Find It

PubCo has filed with the SEC a Registration Statement on Form F-4 (as amended, the “Registration Statement”), which includes a preliminary proxy statement of Cohen Circle and a prospectus of PubCo in connection with the proposed Business Combination. The definitive prospectus has been filed by PubCo, and the definitive proxy statement and other relevant documents has been mailed to shareholders of Cohen Circle as of a record date to be established for voting on the proposed Business Combination. SHAREHOLDERS OF COHEN CIRCLE AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO, IN CONNECTION WITH COHEN CIRCLE’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT COHEN CIRCLE, KYIVSTAR, PUBCO AND THE BUSINESS COMBINATION. Shareholders will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to Cohen Circle at Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104, telephone: (215) 701-9555.

Participants in the Solicitation

Cohen Circle, Kyivstar, the Company, PubCo and their respective directors and officers may be deemed participants in the solicitation of proxies of Cohen Circle shareholders in connection with the Business Combination. More detailed information regarding the directors and officers of Cohen Circle is contained in Cohen Circle’s filings with the SEC, including its Registration Statement on Form S-1, which was filed with the SEC on September 20, 2024, and is available free of charge at the SEC’s website at www.sec.gov. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Cohen Circle’s shareholders in connection with the proposed Business Combination and other matters to be voted upon at the meeting of Cohen Circle’s shareholders will be set forth in the Registration Statement for the transaction when available.

No Offer or Solicitation

This Report on Form 6-K shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the Business Combination. This Report on Form 6-K shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VEON LTD.
	(Registrant)
Date: August 11, 2025
	By:	/s/ Vitaly Shmakov
	Name:	Vitaly Shmakov
	Title:	Acting Group General Counsel

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FAQ

How many Cohen Circle Class A shares were redeemed in the VEON business combination filing?

5,847,015 shares were redeemed, representing 25.4% of Cohen Circle’s public Class A shares.

How much is expected to remain in Cohen Circle’s trust account at closing according to VEON’s Form 6-K?

Approximately $178 million is expected to remain in the trust account at closing, subject to approvals and customary closing conditions.

When is the VEON–Cohen Circle business combination expected to close?

The filing states the closing is expected to occur on or about August 14, 2025, subject to shareholder and regulatory approvals and customary conditions.

Do the public warrants remain outstanding in the transaction?

Yes. All 7,666,667 public warrants remain outstanding and are not subject to redemption rights by their holders.

Has PubCo filed the required SEC registration documents for the transaction?

Yes. PubCo filed a Registration Statement on Form F-4 initially on June 5, 2025; the definitive prospectus has been filed and the definitive proxy statement has been mailed to shareholders.

Who signed the Form 6-K for VEON?

The filing was signed by Vitaly Shmakov, Acting Group General Counsel, on behalf of VEON.