Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1823

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 10
Chunk 1823
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es, they (including the common
stock issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the
holders until 30 days after the consummation of the initial Business Combination.

F-13

FOLD HOLDINGS, INC.

(F/K/A FTAC EMERALD ACQUISITION CORP.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On June 2, 2021, the Sponsor purchased 7,992,750
shares of Class B common stock for an aggregate purchase price of $25,000, and on October 14, 2021, the Company effected a 1.1014-for-1.0
stock split, so that the Sponsor owned an aggregate of 8,803,333 shares of Class B common stock (the “Founder Shares”). On
November 12, 2021, the Company effected a 0.9955-for-1.0 stock split, so that the Sponsor owned an aggregate of 8,763,333 Founder Shares.
All shares and related amounts have been retroactively adjusted to reflect the split (see Note 7). The number of Founder Shares outstanding
was determined based on the expectation that the total size of the Public Offering would be a maximum of 25,300,000 Units if the underwriter’s
over-allotment option was exercised in full, and therefore that such Founder Shares would represent 25% of the outstanding shares after
the Public Offering. In connection with the partial exercise of the underwriter’s over-allotment option, 148,192 shares of Class
B common stock were forfeited. On September 19, 2023, the Company held the Meeting where the Company’s stockholders approved the
Charter Amendment. Following the Meeting, the Sponsor, as the holder of 100% of the Founder Shares, determined to convert all the outstanding
Founder Shares into shares of Class A common stock, on a one-for-one basis.

The Sponsor has agreed not to transfer, assign
or sell any of its Founder Shares (i) with respect to 25% of such shares, until consummation of the initial Business Combination, (ii)
with respect to 25% of such shares, until the earlier of the second anniversary of the consummation of the initial Business Combination
or the first