Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1145

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 1145
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,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement
to our Sponsor, generating gross proceeds of $8,900,000. On January 14, 2022, the underwriter partially exercised its over-allotment option,
resulting in the sale of an additional 86,081 Private Placement Units to our Sponsor for total gross proceeds of $860,810, bringing the
total aggregate gross proceeds of the Private Placement to $9,760,810.

We incurred $14,181,568 in IPO transaction costs,
including $4,973,868 of underwriting fees ($660,000 of which was reimbursed to us to pay the advisory fee due to CCM), $8,704,270 of deferred
underwriting fees and $503,430 of other offering costs.

Following the Public Offering, the partial exercise
of the over-allotment option, and the sale of the Private Placement Units, a total of $251,180,354 ($10.10 per Unit) was initially placed
in the Trust Account and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company
Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in money market funds meeting
certain conditions under Rule 2a-7 of the Investment Company Act, as determined by us, until the earlier of: (i) the consummation of a
Business Combination or (ii) the distribution of the funds in the Trust Account to the Company’s stockholders, as described below.

As of December 31, 2024, we had $906,043 in cash held outside of trust
and a working capital deficit of $8,366,213. Prior to the completion of our Public Offering, our liquidity needs had been satisfied through
a capital contribution from the Sponsor of $25,000 and a loan to us of up to $300,000 by our Sponsor under an unsecured promissory note
which was repaid on December 27, 2021.

72

In order to finance transaction costs in connection
with an intended initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of our officers and directors may,
but are not obligated to, loan us funds as may be required (the “Working Capital Loans”). If we complete the initial Business
Combination, we expect