Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 782

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 782
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 upon the consummation of the initial business combination. As of December 31,
2024, there was $1,218,651 outstanding under the October Note. At the Closing, the outstanding balance under the October Note was repaid
in full and the October Note was terminated.

On October 31, 2024, we issued a promissory
note (the “Tax Note”) to Frontier. Pursuant to the Tax Note, Frontier agreed to loan us an aggregate principal amount of $973,116,
which was used to satisfy our excise tax liability. The Tax Note was non-interest bearing and payable upon the consummation of the
initial business combination. As of December 31, 2024, there was $973,116 outstanding under the October Note. At the Closing, the outstanding
balance under the Tax Note was repaid in full and the Tax Note was terminated.

Registration Rights

Pursuant to a registration
rights agreement entered into on December 15, 2021, the holders of the founder shares, placement units (including any securities contained
therein) and the units (including any securities contained therein) that may be issued upon conversion of working capital loans were entitled
to registration rights to require us to register a sale of any of our securities held by them (in the case of the founder shares, only
after conversion to our Class A common stock). This registration rights agreement was replaced by the A&R Registration Rights Agreement
at the Closing.

Administrative Services

Commencing on December 16,
2021 and ending on February 14, 2025, we paid an amount equal to $30,000 per month to our sponsor or its designee for office space, administrative
and shared personnel support services provided to us.

Financial Advisory Fee

The Company engaged Cohen
& Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), to provide financial advisory services in
connection with the initial public offering. J.V.B. Financial Group, LLC is a broker dealer subsidiary of Cohen & Company Inc. Affiliates
of CCM have and manage investment vehicles with a passive investment in our sponsor. The Company paid CCM a fee in an amount equal to
0.3% of the aggregate proceeds of the initial public offering (excluding the proceeds of the exercise of the overallotment option) net
of underwriter’s expenses, upon the closing of the initial public offering. The Company also engaged CCM to act as an