Company: FLDDW
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001213900-25-068264
Chunk: 321

Company: Fold Holdings, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 321
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 designate a physical headquarters. Liquidity and capital resources As of March 31, 2025, the Company had cash and cash equivalents of $ 11.7million and positive working capital of $ 13.3million. The Company has a history of net operating losses, including net operating losses of $ 9.5million for the three months ended March 31, 2025. The Company has an accumulated deficit of $ 150.2million. Of that amount, $ 98.0million relates to fair value adjustments on the Company’s SAFE notes, $ 16.6million relates to fair value adjustments on the Company’s digital assets, and $ 6.5million relates to fair value adjustments on convertible debt instruments. As of March 31, 2025, the Company held 1,490bitcoin in our Investment Treasury, valued at $ 123.0million based on the price of bitcoin as of that date. Of that amount, 800bitcoin, valued at $ 66.0million, were restricted from use as operating capital and served as collateral for our convertible notes. Our Investment Treasury is considered a long -terminvestment and we do not believe we will need to sell or engage in other transactions with respect to any of our Investment Treasury within the next twelve months to meet our working capital requirements, although we may from time to time sell or engage in other transactions with respect to our Investment Treasury as part of treasury management operations. As of March 31, 2025, we held 89bitcoin in our Rewards Treasury, valued at $ 7.4million, which matched our existing customer rewards liability, which is denominated in bitcoin. The Company anticipates being able to cover the costs for future rewards via future revenues and operational capital on hand. As of March 31, 2025, the Company had debt principal due of $ 66.3million in the form of two convertible notes. The December 2024 Senior Secured Investor note has a principal due of $ 20.0million and is convertible into common shares at a conversion price of $ 11.50per share. The note is secured by Fold’s assets as collateral, including 300of Fold’s proprietary bitcoin, and will mature three yearsafter the closing of the Merger. The March 2025 Investor note has a principal balance of $ 46.3million and is convertible into common shares at a price of $ 12.50per share. The note is secured by Fold’s assets as