Company: FLDDW
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001213900-25-026537
Chunk: 245

Company: Fold Holdings, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 245
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Private Placement Units”) at a price of $ 10.00per Private Placement Unit in a private placement to the Sponsor, which is discussed in Note 4 (“Private Placement”). The underwriter of the Company’s IPO subsequently provided notice of its election to partially exercise its over-allotment option, and the closing of the issuance and sale of the additional Units (the “Over-Allotment Option Units”) occurred on January 14, 2022. A total aggregate issuance by the Company of 2,869,342Over-Allotment Option Units at a price of $ 10.00per Over-Allotment Option Unit resulted in total gross proceeds of $ 28,693,420to the Company. Simultaneously with the issuance and sale of the Over-Allotment Option Units, the Company consummated the private sale of an additional 86,081Private Placement Units (the “Additional Private Placement Units”) at a price of $ 10.00per Additional Private Placement Unit to the Sponsor, generating gross proceeds of $ 860,810. Transaction costs related to the Public Offering and over-allotment amounted to $ 14,181,568, consisting of $ 4,973,868of underwriting commissions, $ 8,704,270in deferred underwriting fees, and $ 503,430of other offering costs. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant balances and transactions have been eliminated in consolidation. Liquidity and Going Concern As of December 31, 2024, the Company had $ 906,043in cash and a working capital deficit of $ 8,366,213. Prior to the completion of the Public Offering, the Company’s liquidity needs had been satisfied through a capital contribution from the Sponsor of $ 25,000and a loan to the Company of up to $ 300,000by the Company’s Sponsor under an unsecured promissory note. The outstanding balance under the promissory note of $ 105,260was repaid on December 27, 2021, and the promissory note was terminated. The Company incurred significant costs in pursuit of its Business Combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management addressed this issue with the consummation of the Business Combination on February 14, 2025 and has raised sufficient capital for its operations. In order to finance transaction costs in connection