[sheet: Timeline & Milestones]
Item No. | Phase | Milestone / Deliverable | Target Date | Responsible Party — Primary | Responsible Party — Support | Status | Dependencies / Predecessor Items | Notes / Comments
1 | I. Engagement & Administration | Engagement letter executed — C&H to Halcyon Semiconductor AG | January 12, 2026 | Vivienne St. Claire (C&H) | Robert Adeyemi (C&H); Wilhelm Ostermann (Halcyon) | Complete | — | Matter No. 1032-00003; $250,000 retainer received; estimated total fees $3.2M–$3.8M
2 | I. Engagement & Administration | Conflicts check memorandum completed | January 10, 2026 | C&H General Counsel's Office | Vivienne St. Claire (C&H) | Complete | — | Cleared against all transaction parties including Westbridge Securities, Pinnacle Morgan, Andover Barcliffe, Northpointe Capital, Meridian Trust, Rheintal, Kestrel
3 | I. Engagement & Administration | New matter memorandum submitted to C&H General Counsel's Office | January 12, 2026 | Vivienne St. Claire (C&H) | Robert Adeyemi (C&H) | Complete | Item 1 | Includes AML/KYC clearance for Halcyon Semiconductor AG
4 | I. Engagement & Administration | Staffing memorandum and budget estimate circulated | January 14, 2026 | Vivienne St. Claire (C&H) | Robert Adeyemi (C&H) | Complete | Item 1 | Team: St. Claire (RP), Adeyemi (BP), Dempsey (Lead Assoc.), Zhou (Working Assoc.), Cross (Tax). Rates: St. Claire $1,950/hr; Adeyemi $1,850/hr; Cross $1,900/hr; Dempsey $1,100/hr; Zhou $875/hr
5 | I. Engagement & Administration | Engagement letter supplement — Leonard Cross tax advisory scope | January 15, 2026 | Leonard Cross (C&H) | Vivienne St. Claire (C&H) | Complete | Item 1 | Scope: PFIC analysis, US federal income tax opinion, US/German treaty analysis, QI analysis for Meridian Trust
6 | II. Organizational Meeting | Organizational meeting (all-hands) | January 22, 2026 | Vivienne St. Claire (C&H) | All working group members | Complete | Items 1–5 | Attendees: Halcyon (Wendt, Dalmqvist, Ostermann), C&H, Westbridge (Hartwell), Pinnacle Morgan (Okonkwo), Andover Barcliffe (Reinhardt), Northpointe (Cheng), V&K (Ashford), Bähr Stein (Maurelban), B&W (Templeton), Meridian Trust (Novak)
7 | II. Organizational Meeting | Working group list finalized and circulated | January 22, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Complete | Item 6 | All parties, counsel, auditors, advisors; includes contact details and addresses
8 | II. Organizational Meeting | Master timeline and responsibility chart distributed | January 23, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Complete | Item 6 | Initial version circulated to all working group members for comment
9 | II. Organizational Meeting | Virtual data room established and access granted | January 24, 2026 | Audrey Zhou (C&H) | Wilhelm Ostermann (Halcyon) | Complete | Item 6 | Secure VDR platform; access permissions set per working group role; index structure agreed
10 | III. Due Diligence | DD protocol letter — C&H to V&K (due diligence defense framework) | January 24, 2026 | Vivienne St. Claire (C&H) | Claire Dempsey (C&H) | Complete | Item 6 | Section 11/12 liability defense; joint session scope; document review procedures
11 | III. Due Diligence | Due diligence request list circulated to Halcyon and Bähr Stein | January 27, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H); Johanna Weiß (Bähr Stein) | Complete | Item 6 | Comprehensive DD list: corporate, contracts, IP, litigation, environmental, benefits, related-party, sanctions, financial, insurance
12 | III. Due Diligence | Due diligence commencement — document review begins | January 27, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H); Martin Ashford (V&K); Priya Ranganathan (V&K) | Complete | Item 11 | Joint sessions with underwriters' counsel per DD protocol letter to V&K
13 | III. Due Diligence | Halcyon document production — first tranche uploaded to VDR | January 30, 2026 | Wilhelm Ostermann (Halcyon) | Johanna Weiß (Bähr Stein) | Complete | Item 11 | Corporate documents, Satzung, organizational chart, HRB extracts, material contracts index
14 | III. Due Diligence | Halcyon document production — second tranche uploaded to VDR | February 6, 2026 | Wilhelm Ostermann (Halcyon) | Johanna Weiß (Bähr Stein) | Complete | Item 11 | IP portfolio, litigation files, environmental permits, employee benefit plans, insurance policies
15 | III. Due Diligence | Management interviews — Halcyon executive team | February 10–14, 2026 | Vivienne St. Claire (C&H); Martin Ashford (V&K) | Claire Dempsey (C&H); Priya Ranganathan (V&K) | In Progress | Items 11–12 | Interviews with Dr. Wendt (CEO), Dalmqvist (CFO), Dr. Helder (CTO), Baumann (COO), Ostermann (GC)
16 | III. Due Diligence | DD Memo — Corporate and organizational | February 14, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H); Dr. Christoph Maurelban (Bähr Stein) | In Progress | Items 11–12 | Covers Satzung, HRB 217458 Amtsgericht München, 215M shares, 5 material subsidiaries (Halcyon USA, HPS GmbH, Halcyon APAC, Halcyon Shanghai, Halcyon Czech)
17 | III. Due Diligence | DD Memo — Material contracts review | February 21, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | In Progress | Items 11–12 | Change-of-control provisions, assignment restrictions, revolving credit facility ($100M repayment from proceeds)
18 | III. Due Diligence | DD Memo — Intellectual property | February 21, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | In Progress | Items 11–12 | SiC and GaN patent portfolio, trade secrets, IP litigation risk
19 | III. Due Diligence | DD Memo — Litigation and regulatory proceedings | February 21, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | In Progress | Items 11–12 | Pending/threatened litigation; Form 20-F Item 8 disclosure
20 | III. Due Diligence | DD Memo — Financial and accounting | February 21, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H); Graham Templeton (B&W) | In Progress | Items 11–12 | IFRS financial statements FY2023–FY2025; auditor discussions; accounting policies review
21 | III. Due Diligence | DD Memo — Environmental and manufacturing compliance | February 28, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | Not Started | Items 11–12 | Munich HQ, Dresden Fab 2, Dresden Fab 3 (under construction), Brno assembly; ESG disclosures
22 | III. Due Diligence | DD Memo — Employee benefit plans and compensation | February 28, 2026 | Claire Dempsey (C&H) | Leonard Cross (C&H) | Not Started | Items 11–12 | German/non-German benefit plans; ESOT (3.1% / 6,665,000 shares); Vorstand compensation
23 | III. Due Diligence | DD Memo — Related-party transactions | February 28, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Not Started | Items 11–12 | Rheintal (22.3%, Wendt family — Margarethe Wendt / Dr. Friedrich Wendt sibling relationship); Supervisory Board interlocks; Form 20-F Item 7.B
24 | III. Due Diligence | DD Memo — Sanctions, anti-corruption, and export controls | February 28, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | Not Started | Items 11–12 | OFAC, EU sanctions, FCPA, UK Bribery Act, EAR/ITAR; Halcyon Shanghai operations in PRC
25 | III. Due Diligence | DD Memo — Insurance coverage review | February 28, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | Not Started | Items 11–12 | Existing D&O, property, product liability, cyber; gap analysis for US public company requirements
26 | III. Due Diligence | DD Summary and risk assessment memorandum | March 7, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H); Audrey Zhou (C&H) | Not Started | Items 16–25 | Consolidated risk matrix; items for prospectus disclosure; potential registration impediments
27 | IV. Structuring & Legal Analysis | Memo — Foreign Private Issuer Status Analysis (Rule 3b-4) | February 7, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | In Progress | Item 6 | US resident shareholder test; conclusion: Halcyon qualifies as FPI
28 | IV. Structuring & Legal Analysis | Memo — PFIC Analysis (IRC §§1291–1298) | February 14, 2026 | Leonard Cross (C&H) | Claire Dempsey (C&H) | In Progress | Item 6 | FY2023–FY2025; active business exception; conclusion: not a PFIC
29 | IV. Structuring & Legal Analysis | Memo — ADR Structure and Level III Program Requirements | February 7, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | In Progress | Item 6 | Level III for capital raising; 1 ADS : 2 ordinary shares; Meridian Trust as depositary
30 | IV. Structuring & Legal Analysis | Memo — Securities Act Registration on Form F-1 vs. Form F-6 | February 7, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | In Progress | Item 6 | Dual registration: F-1 for offering, F-6 for depositary facility
31 | IV. Structuring & Legal Analysis | Memo — Exchange Act Reporting Obligations Post-Listing | February 14, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Not Started | Item 6 | Form 20-F annual, Form 6-K current, §13(a)/15(d), XBRL requirements
32 | IV. Structuring & Legal Analysis | Memo — Sarbanes-Oxley Compliance Roadmap for FPIs | February 14, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | Not Started | Item 6 | §§302, 404, 906; §404(b) first required for FY ending December 31, 2027
33 | IV. Structuring & Legal Analysis | Memo — Nasdaq Global Select Market Listing Standards | February 14, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | Not Started | Item 6 | Quantitative/qualitative requirements; FPI exemptions; ticker: HCYN
34 | IV. Structuring & Legal Analysis | Memo — US/German Tax Treaty Implications for ADS Holders | February 21, 2026 | Leonard Cross (C&H) | Dr. Christoph Maurelban (Bähr Stein) | Not Started | Item 6 | German WHT 26.375% statutory / 15% treaty; QI for Meridian Trust
35 | IV. Structuring & Legal Analysis | Memo — German Corporate Law — New Share Issuance | February 21, 2026 | Vivienne St. Claire (C&H) | Dr. Christoph Maurelban (Bähr Stein); Johanna Weiß (Bähr Stein) | Not Started | Item 6 | AktG; genehmigtes Kapital; Bezugsrechtsausschluss for 30,000,000 new shares
36 | IV. Structuring & Legal Analysis | Memo — Lock-Up and Selling Shareholder Structuring | February 28, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | Not Started | Item 6 | 180-day lock-up; Reg S flowback; Rheintal (8.5M shares), Kestrel (4.3M shares); Rule 144
37 | V. Registration & SEC Filing | First draft Form F-1 Registration Statement circulated | March 9, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H); Vivienne St. Claire (C&H) | Not Started | Item 26 | Complete initial draft Parts I and II; prospectus cover, summary, risk factors, use of proceeds, capitalization, dilution, MD&A, business, management, principal shareholders
38 | V. Registration & SEC Filing | Draft Form F-6 Registration Statement | March 9, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H); Patricia Novak (Meridian Trust) | Not Started | — | Registration of ADSs; exhibits include deposit agreement, form of ADR
39 | VI. Transaction Documents | Initial drafts of underwriting agreement circulated | March 16, 2026 | Claire Dempsey (C&H) | Martin Ashford (V&K) | Not Started | Item 37 | Among Halcyon, selling shareholders, and underwriters; gross spread 3.50%
40 | VI. Transaction Documents | Initial drafts of lock-up agreements circulated | March 16, 2026 | Claire Dempsey (C&H) | Martin Ashford (V&K) | Not Started | Item 37 | Officer/Director and Selling Shareholder forms; 180-day lock-up
41 | VI. Transaction Documents | Initial draft of deposit agreement circulated | March 16, 2026 | Audrey Zhou (C&H) | Patricia Novak (Meridian Trust) | Not Started | Item 38 | Among Halcyon, Meridian Trust, and ADS holders; 1 ADS = 2 ordinary shares
42 | VI. Transaction Documents | Selling shareholder questionnaires — Rheintal and Kestrel completed | March 7, 2026 | Claire Dempsey (C&H) | Margarethe Wendt (Rheintal); Henrik Sørensen (Kestrel) | Not Started | Item 11 | Beneficial ownership, FINRA affiliations, material relationships
43 | VI. Transaction Documents | Letter Agreement — Halcyon & Meridian Trust executed | March 14, 2026 | Audrey Zhou (C&H) | Patricia Novak (Meridian Trust) | Not Started | — | Pre-effective cooperation; German custodian appointment; ordinary share deposit mechanics
44 | VI. Transaction Documents | Initial drafts of corporate governance documents circulated | March 23, 2026 | Audrey Zhou (C&H) | Wilhelm Ostermann (Halcyon) | Not Started | Item 37 | Code of Conduct, Audit Committee Charter, Whistleblower Policy
45 | V. Registration & SEC Filing | All-parties drafting session | March 23–24, 2026 | Vivienne St. Claire (C&H) | All counsel, Halcyon management, underwriters | Not Started | Item 37 | Two-day session; all comments consolidated; mark-up review
46 | V. Registration & SEC Filing | Revised draft Form F-1 (incorporating all-parties comments) | April 4, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H); Vivienne St. Claire (C&H) | Not Started | Item 45 | Incorporate drafting session comments; final pre-submission draft
47 | V. Registration & SEC Filing | EDGAR filing procedures — CIK application and access codes | April 7, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | Not Started | — | CIK TBD upon EDGAR filing; filing agent coordination; XBRL tagging
48 | VI. Transaction Documents | Nasdaq Listing Application submitted | April 7, 2026 | Audrey Zhou (C&H) | Katarina Dalmqvist (Halcyon) | Not Started | Item 46 | Ticker: HCYN; quantitative/qualitative disclosures; financial data
49 | VI. Transaction Documents | Corporate Governance Exemption Notice submitted to Nasdaq | April 7, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H); Wilhelm Ostermann (Halcyon) | Not Started | Item 48 | Reliance on German home-country practices under Nasdaq Rule 5615(a)(3)
50 | V. Registration & SEC Filing | Draft confidential submission cover letter to SEC | April 11, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | Not Started | Item 46 | JOBS Act / Reg S-K Item 1601 confidential treatment request
51 | V. Registration & SEC Filing | Confidential submission of draft Registration Statement to SEC | April 14, 2026 | Vivienne St. Claire (C&H) | Claire Dempsey (C&H); Audrey Zhou (C&H) | Not Started | Items 46–50 | Target submission date; Division of Corporation Finance
52 | V. Registration & SEC Filing | FINRA filing by V&K on behalf of underwriters | April 14, 2026 | Martin Ashford (V&K) | Priya Ranganathan (V&K) | Not Started | Item 51 | Underwriting compensation review; corporate financing rule compliance
53 | V. Registration & SEC Filing | SEC first comment letter received (estimated) | May 12, 2026 | SEC (external) | Vivienne St. Claire (C&H) | Not Started | Item 51 | Approximately 4 weeks after confidential submission
54 | V. Registration & SEC Filing | Draft response letter to SEC staff comments | May 19, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H); Audrey Zhou (C&H) | Not Started | Item 53 | Comment-by-comment response; cross-referenced to amended F-1
55 | V. Registration & SEC Filing | Amendment No. 1 to Form F-1 filed | May 26, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H); Audrey Zhou (C&H) | Not Started | Items 53–54 | Responsive amendment incorporating SEC comments
56 | V. Registration & SEC Filing | SEC second comment letter received (if any) | June 2, 2026 | SEC (external) | Vivienne St. Claire (C&H) | Not Started | Item 55 | Estimated; may not be required if initial response fully addresses comments
57 | V. Registration & SEC Filing | Response to second SEC comment letter / Amendment No. 2 filed | June 5, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H); Audrey Zhou (C&H) | Not Started | Item 56 | If required; responsive amendment
58 | VI. Transaction Documents | Comfort letter request — C&H to Blackmere & Whitfield | June 1, 2026 | Claire Dempsey (C&H) | Graham Templeton (B&W NY); Dieter Kaufmann (B&W Munich) | Not Started | Item 46 | SAS 72 / ISAE 3000; circle-up; bring-down at pricing and closing
59 | V. Registration & SEC Filing | Public filing of Registration Statement | June 8, 2026 | Vivienne St. Claire (C&H) | Claire Dempsey (C&H); Audrey Zhou (C&H) | Not Started | Items 55–57 | Non-confidential public filing on EDGAR
60 | VI. Transaction Documents | Nasdaq listing approval received | June 15, 2026 | Nasdaq (external) | Audrey Zhou (C&H) | Not Started | Items 48–49, 59 | Conditional upon effectiveness of Registration Statement
61 | VI. Transaction Documents | Negative assurance / 10b-5 letter framework memorandum finalized | June 15, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | Not Started | Item 59 | Scope, methodology, factual predicate for C&H's negative assurance letter
62 | VI. Transaction Documents | Revised underwriting agreement circulated (near-final) | June 15, 2026 | Claire Dempsey (C&H) | Martin Ashford (V&K); Jonathan Hartwell (Westbridge) | Not Started | Items 39, 59 | Updated terms; pricing mechanics; final underwriter allocations
63 | VI. Transaction Documents | Pricing agreement / terms agreement draft circulated | June 15, 2026 | Claire Dempsey (C&H) | Martin Ashford (V&K) | Not Started | Item 62 | Supplements UA; sets price per ADS, number of firm ADSs per underwriter
64 | V. Registration & SEC Filing | Draft acceleration request letter to SEC | June 18, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | Not Started | Item 59 | Tandy representations; preliminary prospectus distribution confirmation; target effectiveness June 22
65 | VII. Closing Deliverables | Draft C&H opinion letters circulated internally | June 15, 2026 | Vivienne St. Claire (C&H) | Claire Dempsey (C&H); Leonard Cross (C&H) | Not Started | Items 59, 61 | Validity opinion, 10b-5 letter, tax opinion — drafts for internal review
66 | VII. Closing Deliverables | Draft officer's certificates circulated | June 22, 2026 | Claire Dempsey (C&H) | Dr. Friedrich Wendt (Halcyon); Katarina Dalmqvist (Halcyon) | Not Started | Item 59 | CEO/CFO certificate; accuracy of reps/warranties; no MAC
67 | VII. Closing Deliverables | Draft secretary's / general counsel's certificate circulated | June 22, 2026 | Claire Dempsey (C&H) | Wilhelm Ostermann (Halcyon) | Not Started | Item 59 | Corporate authorizations; incumbency; organizational documents
68 | VII. Closing Deliverables | Draft selling shareholder certificates circulated | June 22, 2026 | Claire Dempsey (C&H) | Margarethe Wendt (Rheintal); Henrik Sørensen (Kestrel) | Not Started | Item 42 | Reps/warranties accuracy; authority to sell shares
69 | VII. Closing Deliverables | Custody agreements / powers of attorney — selling shareholders executed | June 22, 2026 | Claire Dempsey (C&H) | Dr. Christoph Maurelban (Bähr Stein) | Not Started | Item 42 | Rheintal (8.5M shares), Kestrel (4.3M shares); custodian authorized to deliver
70 | VII. Closing Deliverables | Blackmere & Whitfield comfort letter (initial) delivered | June 22, 2026 | Graham Templeton (B&W NY); Dieter Kaufmann (B&W Munich) | Claire Dempsey (C&H) | Not Started | Item 58 | SAS 72 / ISAE 3000; financial data coverage; at effectiveness
71 | VII. Closing Deliverables | FINRA no-objections letter received | June 22, 2026 | FINRA (external) | Martin Ashford (V&K) | Not Started | Item 52 | Clearance prior to effectiveness
72 | VII. Closing Deliverables | D&O insurance program bound | June 22, 2026 | Emma Callister (Clearwater D&O) | Wilhelm Ostermann (Halcyon) | Not Started | — | $75M total limits; annual premium ~$2.8M; bound prior to effectiveness
73 | V. Registration & SEC Filing | SEC declaration of effectiveness (target) | June 22, 2026 | SEC (external) | Vivienne St. Claire (C&H) | Not Started | Items 64, 71 | Registration Statement declared effective
74 | VII. Closing Deliverables | DTC eligibility confirmation for ADSs | June 29, 2026 | Meridian Trust / DTC (external) | Angela Moretti (Crestfield Transfer Services) | Not Started | Item 73 | ADSs eligible for book-entry through DTC
75 | VII. Closing Deliverables | Closing checklist (comprehensive) circulated | June 22, 2026 | Claire Dempsey (C&H) | All parties | Not Started | Item 73 | Master checklist: opinions, certificates, agreements, DTC, FINRA, funds flow
76 | VII. Closing Deliverables | Closing memorandum circulated | June 29, 2026 | Claire Dempsey (C&H) | All parties | Not Started | Item 75 | Wire instructions; share delivery mechanics; coordination; greenshoe mechanics
77 | VIII. Roadshow & Marketing | Roadshow launch | June 23, 2026 | Jonathan Hartwell (Westbridge); Katarina Dalmqvist (Halcyon) | Thomas Harding (Bridgeport IR); Dr. Friedrich Wendt (Halcyon) | Not Started | Item 73 | US roadshow; Bridgeport IR advising ($35,000/month retainer)
78 | VIII. Roadshow & Marketing | Roadshow — New York | June 23–25, 2026 | Jonathan Hartwell (Westbridge) | Dr. Friedrich Wendt (Halcyon); Katarina Dalmqvist (Halcyon) | Not Started | Item 77 | Institutional investor meetings; analyst presentations
79 | VIII. Roadshow & Marketing | Roadshow — Boston | June 26, 2026 | Jonathan Hartwell (Westbridge) | Dr. Friedrich Wendt (Halcyon); Katarina Dalmqvist (Halcyon) | Not Started | Item 77 | Institutional investor meetings
80 | VIII. Roadshow & Marketing | Roadshow — San Francisco / Silicon Valley | June 29–30, 2026 | Jonathan Hartwell (Westbridge) | Dr. Friedrich Wendt (Halcyon); Katarina Dalmqvist (Halcyon) | Not Started | Item 77 | Tech/semiconductor sector investor focus
81 | IX. Pricing & Execution | Pricing of ADSs | July 1, 2026 | Westbridge Securities (Jonathan Hartwell); C&H (Vivienne St. Claire) | Claire Dempsey (C&H); Martin Ashford (V&K) | Not Started | Items 73, 77–80 | Public offering price within $39.00–$45.00; execution of pricing agreement and underwriting agreement; 21,400,000 ADSs base deal
82 | IX. Pricing & Execution | Underwriting agreement executed | July 1, 2026 | All parties | Claire Dempsey (C&H); Martin Ashford (V&K) | Not Started | Item 81 | Fully executed at pricing; gross spread 3.50% ($31.5M)
83 | IX. Pricing & Execution | Deposit agreement executed | July 1, 2026 | Halcyon; Meridian Trust (Patricia Novak) | Audrey Zhou (C&H) | Not Started | Item 81 | Effective upon registration
84 | IX. Pricing & Execution | Lock-up agreements executed (all) | July 1, 2026 | Officers, directors, selling shareholders | Claire Dempsey (C&H); Westbridge Securities | Not Started | Item 81 | 180 days from pricing; expiry December 28, 2026
85 | VII. Closing Deliverables | Blackmere & Whitfield comfort letter (bring-down at pricing) | July 1, 2026 | Graham Templeton (B&W NY) | Claire Dempsey (C&H) | Not Started | Item 81 | Bring-down to pricing date
86 | IX. Pricing & Execution | Final prospectus filed with SEC (Rule 424(b)) | July 2, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Not Started | Item 81 | Final prospectus supplement with pricing information filed on EDGAR
87 | X. Closing & Settlement | Closing / Settlement (T+2) | July 6, 2026 | C&H (Claire Dempsey); Westbridge; Meridian Trust (Patricia Novak) | Angela Moretti (Crestfield); All parties | Not Started | Items 81–86 | Delivery of ADSs through DTC; payment of purchase price; primary net ~$607.95M; secondary net ~$260.55M
88 | VII. Closing Deliverables | C&H Opinion Letter — Validity of ADSs delivered | July 6, 2026 | Vivienne St. Claire (C&H) | Underwriters | Not Started | Item 87 | Due authorization, valid issuance of ADSs
89 | VII. Closing Deliverables | C&H Negative Assurance Letter (10b-5 Letter) delivered | July 6, 2026 | Vivienne St. Claire (C&H) | Underwriters | Not Started | Item 87 | No untrue statement / no omission in Registration Statement or prospectus
90 | VII. Closing Deliverables | C&H Tax Opinion delivered | July 6, 2026 | Leonard Cross (C&H) | Underwriters; filed as exhibit to F-1 | Not Started | Item 87 | US federal income tax consequences; PFIC; treaty-rate WHT
91 | VII. Closing Deliverables | All closing certificates delivered | July 6, 2026 | Various (Halcyon, Rheintal, Kestrel) | Claire Dempsey (C&H) | Not Started | Item 87 | Officer, secretary/GC, selling shareholder certificates
92 | VII. Closing Deliverables | Blackmere & Whitfield comfort letter (bring-down at closing) | July 6, 2026 | Graham Templeton (B&W NY) | Claire Dempsey (C&H) | Not Started | Item 87 | Bring-down to closing date
93 | X. Closing & Settlement | Ashton & Burke Advisory success fee payable | July 6, 2026 | Halcyon (Katarina Dalmqvist) | Lukas Frey (Ashton & Burke) | Not Started | Item 87 | €2.5M flat fee + 0.10% success fee on gross proceeds
94 | XI. Post-Closing | Overallotment (greenshoe) option period | July 1–31, 2026 | Westbridge Securities (Jonathan Hartwell) | C&H (Claire Dempsey) | Not Started | Item 81 | Up to 3,210,000 additional ADSs; exercisable 30 days post-pricing
95 | XI. Post-Closing | Greenshoe expiration | July 31, 2026 | Westbridge Securities | C&H (Claire Dempsey) | Not Started | Item 94 | Any unexercised portion of overallotment option expires
96 | XI. Post-Closing | Lock-up expiration | December 28, 2026 | Westbridge Securities (consent agent) | C&H (Claire Dempsey) | Not Started | Item 84 | 180 days from pricing; applicable to company, selling shareholders, officers/directors
97 | XI. Post-Closing | First Form 20-F annual report filing deadline | April 30, 2027 | Halcyon (Katarina Dalmqvist; Wilhelm Ostermann) | C&H; Blackmere & Whitfield | Not Started | Item 73 | FPI annual reporting; XBRL; audited IFRS financials
98 | XI. Post-Closing | SOX Section 404(b) internal controls — first assessment required | December 31, 2027 | Halcyon (Katarina Dalmqvist) | Blackmere & Whitfield | Not Started | Item 73 | Extended phase-in for FPIs; auditor attestation on ICFR
[sheet: Structuring & Legal Memos]
Item No. | Document Title | Author / Primary Responsible | Support / Reviewer | Target Completion Date | Status | Key Substance / Notes
1 | Memo — Foreign Private Issuer Status Analysis (Rule 3b-4) | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | February 7, 2026 | In Progress | US resident shareholder test (>50% non-US); US nexus disqualifiers; conclusion: Halcyon qualifies as FPI
2 | Memo — PFIC Analysis (IRC §§1291–1298) | Leonard Cross (C&H) | Claire Dempsey (C&H) | February 14, 2026 | In Progress | FY2023–FY2025; active business exception (<25% passive income, <50% passive assets); conclusion: not a PFIC
3 | Memo — ADR Structure and Level III Program Requirements | Claire Dempsey (C&H) | Audrey Zhou (C&H) | February 7, 2026 | In Progress | Comparison Level I/II/III; Level III required for capital raising; 1 ADS : 2 ordinary shares; Meridian Trust as depositary
4 | Memo — Securities Act Registration on Form F-1 vs. Form F-6 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | February 7, 2026 | In Progress | Dual registration: F-1 for offering, F-6 for depositary facility; filing sequence and exhibits
5 | Memo — Exchange Act Reporting Obligations Post-Listing | Claire Dempsey (C&H) | Audrey Zhou (C&H) | February 14, 2026 | Not Started | Form 20-F annual, Form 6-K current, §13(a)/15(d), XBRL requirements
6 | Memo — Sarbanes-Oxley Compliance Roadmap for FPIs | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | February 14, 2026 | Not Started | §§302, 404, 906; §404(b) first required for FY ending December 31, 2027; audit committee independence
7 | Memo — Nasdaq Global Select Market Listing Standards | Audrey Zhou (C&H) | Claire Dempsey (C&H) | February 14, 2026 | Not Started | Quantitative/qualitative requirements; FPI exemptions under Nasdaq Rule 5615(a)(3); ticker: HCYN
8 | Memo — US/German Tax Treaty Implications for ADS Holders | Leonard Cross (C&H) | Dr. Christoph Maurelban (Bähr Stein) | February 21, 2026 | Not Started | German WHT 26.375% statutory / 15% treaty (Art. 10); QI considerations for Meridian Trust; US FTC
9 | Memo — German Corporate Law — New Share Issuance | Vivienne St. Claire (C&H) | Dr. Christoph Maurelban (Bähr Stein); Johanna Weiß (Bähr Stein) | February 21, 2026 | Not Started | AktG requirements; genehmigtes Kapital; Aufsichtsrat approval; Bezugsrechtsausschluss for 30,000,000 new shares
10 | Memo — Lock-Up and Selling Shareholder Structuring | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | February 28, 2026 | Not Started | 180-day lock-up (pricing Jul 1 → expiry Dec 28, 2026); Reg S flowback; Rheintal (8.5M shares), Kestrel (4.3M shares); Rule 144; Westbridge as consent agent
[sheet: Registration & SEC Filing]
Item No. | Milestone / Deliverable | Target Date | Responsible Party — Primary | Responsible Party — Support | Status | Dependencies | Notes
1 | First draft Form F-1 Registration Statement circulated | March 9, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H); Vivienne St. Claire (C&H) | Not Started | DD summary memo (Mar 7) | Complete initial draft Parts I and II; includes prospectus cover, summary, risk factors, use of proceeds, capitalization, dilution, MD&A, business, management, principal shareholders, related-party, description of ADSs, taxation, underwriting, exhibits
2 | Draft prospectus — cover page and summary | March 9, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Not Started | — | ADS price range $39.00–$45.00; 21,400,000 ADSs base deal (15M primary + 6.4M secondary); greenshoe 3,210,000 ADSs; 1 ADS = 2 ordinary shares; gross proceeds ~$900M; Nasdaq HCYN
3 | Draft prospectus — risk factors | March 9, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Not Started | DD memos (Items 10–18 from Timeline) | Business/industry, multi-jurisdiction, ADS/offering, regulatory, tax risks
4 | Draft prospectus — use of proceeds | March 9, 2026 | Claire Dempsey (C&H) | Katarina Dalmqvist (Halcyon) | Not Started | — | Net proceeds $607.95M: Fab 3 Dresden $280M (46.1%), R&D GaN $140M (23.0%), RCF repayment $100M (16.5%), general corporate/WC $87.95M (14.5%)
5 | Draft prospectus — capitalization and dilution tables | March 9, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H); Katarina Dalmqvist (Halcyon) | Not Started | — | Pre-offering 215M shares; post-offering 245M shares; Rheintal post ~16.1% (39,445,000); Kestrel post ~6.8% (16,555,000); ESOT 3.1% (6,665,000)
6 | Draft prospectus — description of ADSs | March 9, 2026 | Audrey Zhou (C&H) | Patricia Novak (Meridian Trust) | Not Started | — | Deposit agreement terms; 1:2 ratio; $0.05/ADS depositary fee; voting; dividends; pre-emptive rights
7 | Draft prospectus — taxation (US/German) | March 9, 2026 | Leonard Cross (C&H) | Dr. Christoph Maurelban (Bähr Stein) | Not Started | Memos 2, 8 from Structuring | PFIC status; German WHT 26.375% / 15% treaty; US FTC; information reporting
8 | Draft prospectus — shares eligible for future sale / lock-up | March 9, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Not Started | Memo 10 from Structuring | Rule 144, Reg S, 180-day contractual lock-up (company, selling shareholders, officers/directors); Westbridge consent agent
9 | Draft Form F-6 Registration Statement | March 9, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H); Patricia Novak (Meridian Trust) | Not Started | — | Registration of ADSs; exhibits include deposit agreement, form of ADR
10 | Form F-6 exhibits checklist and drafting notes | March 9, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | Not Started | — | Required filings: deposit agreement, form of ADR, opinion of counsel, powers of attorney
11 | All-parties drafting session | March 23–24, 2026 | Vivienne St. Claire (C&H) | All counsel, Halcyon management, underwriters | Not Started | Item 1 (first draft F-1) | Two-day session; all comments consolidated; mark-up review
12 | Revised draft Form F-1 (incorporating all-parties comments) | April 4, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H); Vivienne St. Claire (C&H) | Not Started | Item 11 | Incorporate drafting session comments; final pre-submission draft
13 | Draft confidential submission cover letter to SEC | April 11, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | Not Started | Item 12 | JOBS Act / Reg S-K Item 1601 confidential treatment request
14 | EDGAR filing procedures — CIK application and access codes | April 7, 2026 | Audrey Zhou (C&H) | Claire Dempsey (C&H) | Not Started | — | CIK TBD upon EDGAR filing; filing agent coordination; XBRL tagging
15 | Confidential submission of draft Registration Statement to SEC | April 14, 2026 | Vivienne St. Claire (C&H) | Claire Dempsey (C&H); Audrey Zhou (C&H) | Not Started | Items 12–14 | Target submission date; Division of Corporation Finance
16 | SEC first comment letter received (estimated) | May 12, 2026 | SEC (external) | Vivienne St. Claire (C&H) | Not Started | Item 15 | Approximately 4 weeks after confidential submission
17 | Draft response letter to SEC staff comments | May 19, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H); Audrey Zhou (C&H) | Not Started | Item 16 | Comment-by-comment response; cross-referenced to amended F-1
18 | Amendment No. 1 to Form F-1 filed | May 26, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H); Audrey Zhou (C&H) | Not Started | Items 16–17 | Responsive amendment incorporating SEC comments
19 | SEC second comment letter received (if any, estimated) | June 2, 2026 | SEC (external) | Vivienne St. Claire (C&H) | Not Started | Item 18 | May not be required if initial response fully resolves comments
20 | Response to second SEC comment letter / Amendment No. 2 filed | June 5, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H); Audrey Zhou (C&H) | Not Started | Item 19 | If required; responsive amendment
21 | Public filing of Registration Statement | June 8, 2026 | Vivienne St. Claire (C&H) | Claire Dempsey (C&H); Audrey Zhou (C&H) | Not Started | Item 18 or 20 | Non-confidential public filing on EDGAR
22 | Draft acceleration request letter to SEC | June 18, 2026 | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | Not Started | Item 21 | Tandy representations; preliminary prospectus distribution confirmation; target effectiveness June 22
23 | SEC declaration of effectiveness (target) | June 22, 2026 | SEC (external) | Vivienne St. Claire (C&H) | Not Started | Item 22 | Registration Statement declared effective
24 | Final prospectus filed with SEC (Rule 424(b)) | July 2, 2026 | Claire Dempsey (C&H) | Audrey Zhou (C&H) | Not Started | Pricing (Jul 1) | Final prospectus supplement with pricing information
[sheet: Transaction Documents]
Item No. | Document | Governing Law | Primary Drafter | Counterparty / Reviewer | Target Draft Date | Target Execution Date | Status | Notes
1 | Underwriting Agreement | New York | Claire Dempsey (C&H) | Martin Ashford (V&K); Jonathan Hartwell (Westbridge) | March 16, 2026 | July 1, 2026 (pricing) | Not Started | Among Halcyon, Rheintal & Kestrel (selling shareholders), and underwriters; Westbridge as representative; gross spread 3.50% ($31.5M); overallotment 3,210,000 ADSs; indemnification/contribution
2 | Pricing Agreement / Terms Agreement | New York | Claire Dempsey (C&H) | Martin Ashford (V&K) | June 15, 2026 | July 1, 2026 (pricing) | Not Started | Supplements UA; sets price per ADS ($39.00–$45.00 range), number of firm ADSs per underwriter, underwriting discount per ADS
3 | Schedule of Selling Shareholders | New York | Claire Dempsey (C&H) | Martin Ashford (V&K) | March 16, 2026 | July 1, 2026 | Not Started | Rheintal: 8,500,000 shares / 4,250,000 ADSs; Kestrel: 4,300,000 shares / 2,150,000 ADSs; total secondary 6,400,000 ADSs (~$270M)
4 | Lock-Up Agreement — Officer/Director form | New York | Claire Dempsey (C&H) | Martin Ashford (V&K); Wilhelm Ostermann (Halcyon) | March 16, 2026 | July 1, 2026 | Not Started | 180-day lock-up; signatories: Dr. Wendt, Dalmqvist, Dr. Helder, Baumann, Ostermann, Prof. Dr. Voss; in favor of Westbridge
5 | Lock-Up Agreement — Selling Shareholder form | New York | Claire Dempsey (C&H) | Martin Ashford (V&K) | March 16, 2026 | July 1, 2026 | Not Started | 180-day lock-up on retained shares; Rheintal (retains 39,445,000) and Kestrel (retains 16,555,000); Westbridge consent agent
6 | Deposit Agreement | Delaware | Audrey Zhou (C&H) | Patricia Novak (Meridian Trust) | March 16, 2026 | July 1, 2026 | Not Started | Among Halcyon, Meridian Trust (Depositary), ADS holders; 1 ADS = 2 ordinary shares; $0.05/ADS fee; voting, dividends, amendment, termination
7 | Form of American Depositary Receipt (ADR) | Delaware | Audrey Zhou (C&H) | Patricia Novak (Meridian Trust) | March 16, 2026 | July 1, 2026 | Not Started | Exhibit to Deposit Agreement; certificate form; CUSIP placeholder
8 | Depositary Receipts Fee Schedule | Delaware | Audrey Zhou (C&H) | Patricia Novak (Meridian Trust) | March 16, 2026 | July 1, 2026 | Not Started | $0.05/ADS annual fee; issuance/cancellation fees; permitted reimbursements
9 | Letter Agreement — Halcyon & Meridian Trust (Pre-Effective Arrangements) | New York | Audrey Zhou (C&H) | Patricia Novak (Meridian Trust) | February 28, 2026 | March 14, 2026 | Not Started | Pre-effective cooperation; German custodian appointment; ordinary share deposit mechanics; coordination
10 | Comfort letter request — C&H to Blackmere & Whitfield | — | Claire Dempsey (C&H) | Graham Templeton (B&W NY); Dieter Kaufmann (B&W Munich) | June 1, 2026 | — | Not Started | SAS 72 / ISAE 3000; circle-up; bring-down at pricing and closing
11 | Selling Shareholder Questionnaire — form | — | Claire Dempsey (C&H) | Margarethe Wendt (Rheintal); Henrik Sørensen (Kestrel) | February 14, 2026 | March 7, 2026 | Not Started | Beneficial ownership, FINRA affiliations, material relationships
12 | Custody Agreement / Power of Attorney — Selling Shareholders | — | Claire Dempsey (C&H) | Dr. Christoph Maurelban (Bähr Stein) | March 16, 2026 | June 22, 2026 | Not Started | Rheintal (8.5M shares), Kestrel (4.3M shares); authorize custodian to deliver ordinary shares for ADS conversion
13 | Selling Shareholder Coordination Letter — C&H to Bähr Stein | — | Claire Dempsey (C&H) | Dr. Christoph Maurelban (Bähr Stein); Johanna Weiß (Bähr Stein) | February 7, 2026 | — | Not Started | Bezugsrechtsausschluss; secondary share transfer mechanics; Ashgrove Enterprises delivery
14 | Nasdaq Listing Application (Nasdaq Global Select Market) | — | Audrey Zhou (C&H) | Katarina Dalmqvist (Halcyon) | April 7, 2026 | June 8, 2026 | Not Started | Ticker: HCYN; quantitative/qualitative disclosures; financial data
15 | Corporate Governance Exemption Notice to Nasdaq | — | Audrey Zhou (C&H) | Claire Dempsey (C&H); Wilhelm Ostermann (Halcyon) | April 7, 2026 | June 8, 2026 | Not Started | Reliance on German home-country practices under Nasdaq Rule 5615(a)(3)
16 | Code of Business Conduct and Ethics (US-Compliant) | — | Audrey Zhou (C&H) | Wilhelm Ostermann (Halcyon) | March 23, 2026 | June 8, 2026 | Not Started | Nasdaq / SOX-compliant; conflicts, insider trading, anti-corruption, whistleblower
17 | Audit Committee Charter (US-Compliant) | — | Claire Dempsey (C&H) | Prof. Dr. Anneliese Voss (Halcyon Aufsichtsrat) | March 23, 2026 | June 8, 2026 | Not Started | Nasdaq Rule 5605(c) / Exchange Act Rule 10A-3; independence; financial literacy; auditor oversight (B&W)
18 | Whistleblower Policy (US-Compliant) | — | Audrey Zhou (C&H) | Wilhelm Ostermann (Halcyon) | March 23, 2026 | June 8, 2026 | Not Started | SOX Section 301; accounting/internal controls complaints
19 | Negative assurance / 10b-5 letter framework memorandum (internal) | — | Claire Dempsey (C&H) | Vivienne St. Claire (C&H) | June 15, 2026 | — | Not Started | Scope, methodology, factual predicate for C&H's negative assurance letter to underwriters
[sheet: Closing Deliverables]
Item No. | Deliverable | Delivering Party | Recipient(s) | Target Draft Date | Target Delivery Date | Status | Notes
1 | C&H Opinion Letter — Validity of ADSs | Calderwood & Harkness LLP (Vivienne St. Claire) | Underwriters (Westbridge, Pinnacle Morgan, Andover Barcliffe, Northpointe) | June 15, 2026 | July 6, 2026 (closing) | Not Started | Due authorization, valid issuance of ADSs; binding deposit agreement
2 | C&H Negative Assurance Letter (10b-5 Letter) | Calderwood & Harkness LLP (Vivienne St. Claire) | Underwriters | June 15, 2026 | July 6, 2026 (closing) | Not Started | No untrue statement of material fact / no omission in Registration Statement or prospectus
3 | C&H Tax Opinion | Calderwood & Harkness LLP (Leonard Cross) | Filed as exhibit to F-1; delivered to underwriters | June 1, 2026 | July 6, 2026 (closing) | Not Started | US federal income tax consequences; PFIC; treaty-rate WHT; ADS distributions
4 | Officer's Certificate — CEO/CFO | Dr. Friedrich Wendt (CEO); Katarina Dalmqvist (CFO) | Underwriters | June 22, 2026 | July 6, 2026 (closing) | Not Started | Accuracy of reps/warranties; conditions satisfied; no MAC
5 | Secretary's / General Counsel's Certificate | Wilhelm Ostermann (General Counsel) | Underwriters | June 22, 2026 | July 6, 2026 (closing) | Not Started | Corporate authorizations (Vorstand/Aufsichtsrat); incumbency; organizational documents
6 | Selling Shareholder Certificate — Rheintal | Margarethe Wendt (Rheintal Industrieholding GmbH) | Underwriters | June 22, 2026 | July 6, 2026 (closing) | Not Started | Reps/warranties accuracy; authority to sell 8,500,000 shares / 4,250,000 ADSs
7 | Selling Shareholder Certificate — Kestrel | Henrik Sørensen (Kestrel Capital Partners AG) | Underwriters | June 22, 2026 | July 6, 2026 (closing) | Not Started | Reps/warranties accuracy; authority to sell 4,300,000 shares / 2,150,000 ADSs
8 | V&K Opinion Letter (underwriters' counsel) | Varen & Kessler LLP (Martin Ashford) | Underwriters | June 15, 2026 | July 6, 2026 (closing) | Not Started | US law opinion
9 | Bähr Stein Opinion Letter (German counsel to issuer) | Bähr Stein Rechtsanwälte (Dr. Christoph Maurelban) | Underwriters | June 15, 2026 | July 6, 2026 (closing) | Not Started | German law opinion on corporate matters, share issuance, pre-emptive rights exclusion
10 | Prumvane Thornton Opinion Letter (German counsel to underwriters) | Prumvane Thornton LLP (Dr. Stefan Braun) | Underwriters | June 15, 2026 | July 6, 2026 (closing) | Not Started | German law opinion
11 | Blackmere & Whitfield Comfort Letter (initial) | Blackmere & Whitfield (Graham Templeton / Dieter Kaufmann) | Underwriters; C&H | June 22, 2026 | June 22, 2026 (effectiveness) | Not Started | SAS 72 / ISAE 3000; financial data coverage
12 | Blackmere & Whitfield Comfort Letter (bring-down at pricing) | Blackmere & Whitfield | Underwriters; C&H | July 1, 2026 | July 1, 2026 (pricing) | Not Started | Bring-down to pricing date
13 | Blackmere & Whitfield Comfort Letter (bring-down at closing) | Blackmere & Whitfield | Underwriters; C&H | July 6, 2026 | July 6, 2026 (closing) | Not Started | Bring-down to closing date
14 | FINRA no-objections letter | FINRA (external) | Underwriters; C&H | — | Prior to effectiveness | Not Started | Filing by V&K on behalf of underwriters
15 | DTC eligibility confirmation for ADSs | Meridian Trust / DTC (external) | C&H; Crestfield Transfer Services | — | Prior to closing | Not Started | ADSs eligible for book-entry through DTC; Crestfield as transfer agent/registrar
16 | Executed Underwriting Agreement | All parties | Westbridge Securities (as representative) | — | July 1, 2026 (pricing) | Not Started | Fully executed at pricing
17 | Executed Deposit Agreement | Halcyon; Meridian Trust | Filed as exhibit to F-1/F-6 | — | July 1, 2026 | Not Started | Effective upon registration
18 | Executed Lock-Up Agreements (all) | Officers, directors, selling shareholders | Westbridge Securities | — | July 1, 2026 | Not Started | 180 days from pricing; expiry December 28, 2026
19 | Closing Checklist (comprehensive) | Claire Dempsey (C&H) | All parties | June 22, 2026 | July 6, 2026 (closing) | Not Started | Master checklist: all opinions, certificates, agreements, DTC eligibility, FINRA, funds flow
20 | Closing Memorandum | Claire Dempsey (C&H) | All parties | June 29, 2026 | July 6, 2026 (closing) | Not Started | Wire instructions; share delivery (German custodian → Meridian Trust → DTC); coordination; greenshoe mechanics
21 | IRS Form W-8BEN-E for Halcyon Semiconductor AG | Leonard Cross (C&H) | Filed with relevant US withholding agents | March 1, 2026 | Prior to closing | Not Started | Entity classification; FATCA status; LEI 5299007KBTVZ3XQHGL48
22 | Executed Custody Agreements / Powers of Attorney — Selling Shareholders | Rheintal; Kestrel | Underwriters; Depositary | — | June 22, 2026 | Not Started | Authorize custodian to deliver ordinary shares for ADS conversion at closing
23 | Good Standing / Commercial Register Certificates | Halcyon Semiconductor AG | Underwriters; C&H | — | July 6, 2026 (closing) | Not Started | HRB 217458 Amtsgericht München; current extract; apostilled as required
[sheet: Post-Pricing & Post-Closing]
Item No. | Milestone / Event | Target Date | Responsible Party | Status | Notes
1 | Roadshow launch | June 23, 2026 | Jonathan Hartwell (Westbridge); Katarina Dalmqvist (Halcyon); Thomas Harding (Bridgeport IR) | Not Started | US roadshow; coordinated by Westbridge as lead left bookrunner; Bridgeport IR advising ($35,000/month retainer, 12-month term beginning upon SEC filing)
2 | Pricing of ADSs | July 1, 2026 | Westbridge Securities (Jonathan Hartwell); C&H (Vivienne St. Claire) | Not Started | Public offering price within $39.00–$45.00 range; execution of pricing agreement and underwriting agreement; base deal: 21,400,000 ADSs; gross proceeds ~$900M
3 | Closing / Settlement (T+2) | July 6, 2026 | C&H (Claire Dempsey); Westbridge; Meridian Trust (Patricia Novak); Crestfield Transfer Services (Angela Moretti) | Not Started | Delivery of ADSs through DTC; payment of aggregate purchase price; wire transfers to Halcyon (primary net proceeds ~$607.95M) and selling shareholders (net proceeds ~$260.55M); all closing deliverables executed
4 | Underwriting syndicate economics settled at closing | July 6, 2026 | Westbridge Securities | Not Started | Total gross spread $31,500,000: Westbridge 40% ($12,600,000); Pinnacle Morgan 30% ($9,450,000); Andover Barcliffe 20% ($6,300,000); Northpointe 10% ($3,150,000)
5 | Overallotment (greenshoe) option period | July 1 – July 31, 2026 | Westbridge Securities (Jonathan Hartwell) | Not Started | Up to 3,210,000 additional ADSs (15% of base deal); exercisable for 30 days post-pricing; if fully exercised at midpoint ~$42.06: ~$134.8M additional proceeds; max total offering ~$1,034.8M
6 | Greenshoe expiration | July 31, 2026 | Westbridge Securities | Not Started | Any unexercised portion of overallotment option expires
7 | Ashton & Burke Advisory success fee payable | Upon closing (July 6, 2026) | Halcyon (Katarina Dalmqvist) | Not Started | €2.5M flat fee + 0.10% success fee on gross proceeds ($900,000 ≈ €835,000 at EUR/USD 1.078)
8 | D&O insurance program bound (US-compliant) | Prior to effectiveness (June 22, 2026) | Emma Callister (Clearwater D&O Insurance Brokers) | Not Started | Total limits $75M: Thornhill Assurance (primary $15M), Arcadian Indemnity ($20M xs $15M), Helmsman Re ($20M xs $35M), Nordic Specialty Insurance ($20M xs $55M); est. annual premium $2.8M
9 | Bridgeport IR — ongoing US investor relations support | Commencing upon SEC filing (~June 8, 2026) | Thomas Harding (Bridgeport IR) | Not Started | $35,000/month; 12-month initial term
10 | First Form 20-F annual report filing obligation | Within 4 months of FY end (by April 30, 2027) | Halcyon (Katarina Dalmqvist; Wilhelm Ostermann); C&H | Not Started | FPI annual reporting; XBRL; audited IFRS financials by Blackmere & Whitfield
11 | Form 6-K current reports — ongoing | As needed post-effectiveness | Halcyon (Wilhelm Ostermann); C&H | Not Started | Material events; interim financial information
12 | Lock-up expiration | December 28, 2026 | Westbridge Securities (consent agent) | Not Started | 180 days from pricing (July 1, 2026); applicable to company, selling shareholders (Rheintal, Kestrel), officers and directors
13 | SOX Section 404(b) internal controls — first assessment required | FY ending December 31, 2027 | Halcyon (Katarina Dalmqvist); Blackmere & Whitfield | Not Started | Extended phase-in for FPIs; auditor attestation on internal controls over financial reporting
14 | Annual FPI status re-evaluation | June 30, 2027 | Halcyon (Wilhelm Ostermann); C&H | Not Started | Rule 3b-4 re-test; last business day of second fiscal quarter; must continue to qualify as FPI
15 | Stabilization activities period (if any) | July 1 – July 31, 2026 | Westbridge Securities (Jonathan Hartwell) | Not Started | Permitted stabilization/overallotment transactions in connection with the offering; Regulation M compliance