The deal need not close; it needs only be announced. Clarification issued at 9/27/2025 at 10:39pm ET: (1) “TikTok" Scope: An acquisition of TikTok's US operations (TikTok Inc. or TikTok's US subsidiary) would satisfy the Payout Criterion as a subsidiary acquisition.

(2) Joint Ventures as Acquisitions: Per the contract rules, acquisitions include "transactions structured as asset purchases, stock purchases, tender offers, SPAC combinations, or takeover agreements" where "The acquisition must involve the transfer of a controlling interest." The rules define this as transactions "resulting in a change of ownership or control." A joint venture structure where ByteDance transfers controlling interest (>50%) — as ordered in President Trump’s recent Executive Order on TikTok divestiture — to new entities satisfies this definition, as it results in ByteDance no longer controlling TikTok.

(3) “Any Company" with Multiple Parties: The contract variable <company 1> is defined as potentially taking "the form of 'Any'" and can be "in multiple/plural." When set to "Any Company," this encompasses any entity or group of entities. The rules require that "<company 1> has announced that it has made a deal to acquire <company 2>." Multiple companies or investors acting together as acquirers would satisfy "Any Company."

President Trump’s Executive Order dated September 25, 2025 describes a framework for divestiture where ByteDance would retain less than 20% ownership, with the remainder held by "certain investors (Investor Parties)." However, the Order states implementation agreements have not yet been executed. Per the contract rules: "A definitive, binding agreement accompanied by public announcement is sufficient to resolve this market to Yes" but "The signing of a contract, absent a qualifying public announcement, is not sufficient."

The market will resolve YES only if there is an announcement of a definitive, binding agreement with specific acquiring parties identified (not just "investors" or "US persons"), regardless of whether the transaction ultimately closes.