Material Event (Form 8-K)

As previously disclosed, on June 23, 2025, Columbus Circle Capital Corp. I (the "SPAC"), a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, entered into a definitive business combination agreement (as amended on July 28, 2025, the "Business Combination Agreement"), with ProCap BTC, LLC, a Delaware limited liability company ("ProCap BTC"), ProCap Financial, Inc., a Delaware corporation ("ProCap Financial"), Crius SPAC Merger Sub, Inc., a Delaware corporation ("SPAC Merger Sub"), Crius Merger Sub, LLC, a Delaware limited liability company ("Company Merger Sub"), and Inflection Points Inc, d/b/a Professional Capital Management, a Delaware corporation.

Cohen & Company, LLC (the "Operating LLC"), the operating subsidiary of Cohen & Company Inc., a Maryland corporation (the "Company"), owns a portion of, and serves as the managing member of, Columbus Circle 1 Sponsor Corp LLC, which served as the sponsor of the SPAC (the "Sponsor").

On December 5, 2025, the transactions contemplated by the Business Combination Agreement were consummated (the "Closing"). Upon the Closing, the SPAC and ProCap BTC merged into SPAC Merger Sub and Company Merger Sub, respectively, and became wholly-owned subsidiaries, ProCap Financial is the go-forward company following the Closing. ProCap Financial's common stock and warrants commenced trading on The Nasdaq Global Market on December 8, 2025 under the symbol "BRR" and "BRRWW", respectively.

As previously disclosed, the Sponsor held an aggregate of 8,333,333 founder shares in the SPAC, substantially all of which were distributed to members prior to the Closing. In connection with the Closing, these SPAC founder shares were converted into shares of ProCap Financial's common stock (the "ProCap Shares"). In addition to existing restrictions agreed upon in connection with SPAC's initial public offering, the ProCap Shares are subject to certain transfer restrictions, which restrictions will lapse and the ProCap Shares will no longer be subject to these transfer restrictions upon the earliest to occur of the following (i) the second anniversary of the Closing, (ii) if the closing price of ProCap Financial's common stock equals or exceeds $10.21 per share (subject to customary adjustments) for any 20 trading days within any consecutive 30-trading day period, and (iii) if the dollar volume-weighted average price for Bitcoin (BTC) during any one hundred twenty (120)-hour period equals or exceeds $140,000 during any five-day period.

Certain executives and key employees of the Operating LLC, who had purchased membership interests in the Sponsor either directly or indirectly, received ProCap Financial Shares that were previously held by the Sponsor. The number of the ProCap Shares received by the Operating LLC was approximately 2,150,000 ProCap Shares.