Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 66

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 66
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 for our Class A ordinary shares is less than $11.50 per share, we
believe warrant holders and the holder of Unit Purchase Option will be unlikely to exercise their respective securities.

We may issue additional ordinary shares
or other equity or convertible debt securities without approval of the holders of the ordinary shares, which would dilute existing ownership
interests and may depress the market price of our ordinary shares.

We may issue additional ordinary
shares or other equity or convertible debt securities of equal or senior rank in the future without approval of the holders of the ordinary
shares in certain circumstances. Our issuance of additional ordinary shares or other equity or convertible debt securities of equal or
senior rank would have the following effects: (i) our existing shareholders’ proportionate ownership interest may decrease; (ii) the
amount of cash available per share, including for payment of dividends in the future, may decrease; (iii) the relative voting power of
each previously outstanding ordinary shares may be diminished; and (iv) the market price of the Class A ordinary shares may decline.

Volatility in our share price could subject
us to securities class action litigation.

The market price of our Class
A ordinary shares may be volatile and, in the past, companies that have experienced volatility in the market price of their shares have
been subject to securities class action litigation. We may be the target of securities class action litigation and investigations. Securities
litigation against us could result in substantial costs and divert management’s attention from other business concerns, which could
adversely affect our business, financial condition and results of operations.

The requirements of being a public company
may strain our resources, divert our management’s attention and affect our ability to attract and retain qualified board members.

As a public company, we are
subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, listing requirements
of Nasdaq and other applicable securities rules and regulations. As such, we have incurred and expect to continue to incur relevant legal,
accounting and other expenses, and these expenses may increase even more if we no longer qualify as an “emerging growth company,”
as defined in Section 2(a) of the Securities Act. The Exchange Act requires, among other things, that we file annual and
current reports with respect to our business and results of operations. The Sarbanes-Oxley Act requires, among other things, that
we maintain effective disclosure controls and procedures and internal control over financial reporting