Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 143

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 143
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 banks in Singapore, and
1.2% of which were held at commercial banks in the UAE and 1.5% of which were held at commercial banks in the United States. We are not
aware of any regulatory restrictions under the laws of Singapore and the UAE that would limit our ability to transfer cash to our overseas
operating entities.

On February 29, 2024, we closed
the Business Combination. In connection with the Business Combination, holders of 2,287,657 shares of Arisz Common Stock exercised their
right to redeem their shares for cash at a redemption price of approximately US$11.14 per share, for an aggregate redemption amount of
approximately US$25.4 million, representing approximately 96.0% of the total outstanding shares of Arisz Common Stock then held by public
stockholders. Given a significant number of Arisz public stockholders elected to redeem the Arisz Common Stock in connection with the
Business Combination, the gross proceeds to us from the Business Combination accordingly reduced to approximately US$1.0 million, and
we raised US$74 million in PIPE, which amounted to US$75 million in gross proceeds.

We believe that our existing
cash and cash equivalents, anticipated cash flows from operating and financing activities and cash inflow from the Business Combination
will be sufficient to meet our anticipated working capital requirements, and capital expenditures in the ordinary course of business for
the next 12 months from the date of this Report. We may, however, require additional cash resources due to changing business conditions
or other future developments, including purchase of new miners. If our existing cash resources are insufficient to meet our requirements,
we may seek to issue equity or debt securities or obtain credit facilities. The issue of additional equity securities would result in
further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating
covenants that would restrict our operations. We cannot assure you that financing will be available in the amounts it needs or on terms
acceptable to it, if at all. If we are unable to obtain additional equity or debt financing as required, our business operations and prospects
may suffer. See “ Item 3. Key Information - D. Risk Factors - Risks Related to Our Operations - Our business is capital
intensive, and failure to obtain the necessary capital when needed may force us to delay, limit or terminate our expansion efforts or
other operations, which could have a material adverse effect on our