Company: XTKG
Filing Date: 2025-06-04
Form Type: 424B5
Source: 0001213900-25-051196
Chunk: 32

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-06-04
Form: 424B5
Chunk 32
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 |   49,907,467 |   |     | $         |   49,907,467 |   |     | $              |   59,507,467 |   |

Note:

| (1) | after giving effect of the one-to-six reverse                                            
 stock split, which was approved by the extraordinary general meeting of the shareholders 
 on February 10, 2025.                                                                    |

<div align='center'>S-17

DILUTION (1)</div>

Our
net tangible book value as of December 31, 2024 was US$34.9 million, or US$2.53 (post-reverse stock split adjusted US$15.20) per Ordinary
Share. “Net tangible book value” is total assets minus the sum of liabilities and intangible assets. “Net tangible
book value per share” is net tangible book value divided by the total number of shares outstanding.

After
giving effect to the sale of 22,325,600 (post-reverse stock split adjusted 3,720,933) Class A Ordinary Shares at an offering price of
US$0.43 (post-reverse stock split adjusted US$2.58) per Ordinary Share, and after deducting the estimated offering expenses payable by
us in connection with this offering, our as adjusted net tangible book value as of December 31, 2024 would have been US$44.5 million,
or US$1.23 (post-reverse stock split adjusted US$7.40) per Ordinary Share. This represents an immediate decrease in net tangible book
value of US$1.31 (post-reverse stock split adjusted US$7.84) per Ordinary Share to our existing shareholders and an immediate increase
in net tangible book value of US$0.80 (post-reverse stock split adjusted US$4.82) per Ordinary Share to the Investors participating in
this offering.

The
following table illustrates the net tangible book value dilution per Ordinary Share to shareholders after the issuance of the Class A
Ordinary Shares in this offering:

| Pro forma net tangible book value per Ordinary Share as of December             
 31, 2024                                                                        |     | US$2.54 (post-reverse stock split adjusted US$15.24) |
| Decrease to net tangible book value per ordinary share to existing shareholders |     | US$1.31 (post-reverse stock split adjusted US$7.84)  |
| Pro forma as