Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 268

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 268
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2024, Fold had 869,565 Series A, 500,000                                                                                 
 Series B, and 869,565 Series C Warrants outstanding, at an exercise price of $12.50, $0.001, and $11.50 per share, respectively. The        
 exercise price of the Series A and Series C Warrants exceeds the market value of the Company’s common shares. These warrants are considered 
 anti-dilutive and are excluded from the loss per share calculation when the exercise price exceeds the average market value of the common   
 share price during the applicable period. The exercise price of the Series B Warrants is nominal, but the Investor’s ability to exercise    
 these warrants depends on the occurrence of the Public Company Date, and are therefore contingently exercisable. The Company excluded       
 these warrants from basic and diluted EPS due to this contingency.                                                                          |

17. SUBSEQUENT EVENTS

The Company evaluated subsequent events, if any,
that would require an adjustment to the Company’s financial statements or require disclosure in the notes to the financial statements
through March 28, 2025, the date the financial statements were available to be issued. Where applicable, the notes to these financial
statements have been updated to discuss significant subsequent events which have occurred.

Additionally, the Company identified the following
subsequent events for disclosure:

FTAC Emerald Merger

Pursuant to the Merger Agreement as described
within Note 1, on February 14, 2025, FTAC Emerald acquired all of the issued and outstanding equity interests of Fold for an aggregate
purchase price of $372.0 million. The purchase price was paid in shares of FTAC Emerald’s common stock, par value $0.0001 per share.
Fold was determined to be the accounting acquirer as well as the accounting predecessor. Subsequent to the transaction, Fold will succeed
substantially all of the operations of the combined company and will conduct business under the name Fold Holdings, Inc.. Under the reverse
recapitalization model, the Merger will be treated as Fold issuing equity for the net assets of Emerald, with no goodwill or intangible
assets recorded.

As a result of the Merger, each share of Fold
preferred stock and SAFEs converted to Fold common shares, resulting in 42.1 million total common shares after all conversions. The Fold
common shares were then each converted into the right to receive approximately 82.5% of a share of Fold common stock, and Fold received
proceed