Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 118

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 118
---
classification of
$51.3 million of cash and cash equivalents held in Emerald’s Trust Account that became available for transaction expenses, redemption
of public shares, and the operating activities following the Business Combination. This adjustment does not reflect appreciation of the
Trust Account subsequent to December 31, 2024 of approximately $0.1 million.

d) Reflects the repayment of Emerald’s
balances due to related parties at the Business Combination date.

e) Reflects the repayment of Emerald’s promissory note
of $0.6 million, net of a fully amortized original issue discount, under its subscription agreement with Polar Multi-Strategy Master Fund
(“Polar”). This agreement stipulates the repayment to Polar of its Capital Contribution in cash or shares. This reflects a
cash repayment of the Capital Contribution.

f) Reflects the payment of Emerald’s
deferred advisory fee due at the closing of the Business Combination.

g) Reflects the accrual of Emerald and
Fold transaction costs of $7.3 million incurred related to the closing of the Business Combination. Transaction costs include direct and
incremental costs, such as legal, third party advisory, investment banking, and other miscellaneous fees. Transaction costs previously
incurred that are not direct and incremental to the transaction have been included within the historical statement of operations of Emerald
and Fold.

h) Reflects the cashless exercise of
500,000 Series B Warrant Shares for a nominal exercise price of $0.001 per share available at the closing of the Business Combination.

i) Reflects the elimination of Emerald’s
historical retained earnings.

j) Reflects the reclassification of
Fold’s convertible note, net balance to long-term liabilities to reflect the change in maturity date to 36 months from the Business Combination.

<div align='center'>63</div>

Note 3. Unaudited Pro Forma Condensed Combined Statements of Operations

The pro forma adjustments included in the unaudited
pro forma condensed combined statements of operations for the year ended December 31, 2024, are as follows:

a) Represents the elimination of interest
income on Emerald’s Trust Account for the year ended December 31, 2024.

b) Represents the recognition of the
share-based compensation expense associated with the Restricted Stock Units which will convert to Fold Common Stock immediately prior
to the closing of the transaction and will continue to vest during the year ended December 31, 2024.

c) Represents the elimination of non-redemption