Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1119

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 1119
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 statements without the consent of any stockholder or warrant holder. Although
the Company’s ability to amend the terms of the Public Warrants with the consent of at least 50% of the then outstanding Public
Warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the warrants,
convert the warrants into cash or shares, shorten the exercise period or decrease the number of shares of Class A common stock purchasable
upon exercise of a warrant.

Underwriting Agreement

The underwriter earned a cash underwriting discount
of two percent (2%) of the gross proceeds of the Public Offering and exercise of the over-allotment, or $4,973,868. Additionally, the
underwriter was initially entitled to a deferred underwriting discount of 3.5% of the gross proceeds, or $8,704,270, of the Public Offering
and exercise of the over-allotment upon the completion of the Company’s initial Business Combination. On October 18, 2023, the Company
entered into an agreement with the underwriter in which the underwriter waived any entitlement it may have to the deferred underwriting
discount in respect of any Business Combination. As a result, the Company recorded $8,704,270 to additional paid-in capital in relation
to the waiver of the deferred underwriter fee in the accompanying balance sheets.

Financial Advisory Fee

The Company engaged Cohen & Company Capital
Markets, a related party and a division of J.V.B. Financial Group, LLC (“CCM”), to provide financial advisory services in
connection with the Public Offering. The Company paid CCM a fee in an amount equal to 0.3% of the aggregate proceeds of the Public Offering
(excluding the proceeds of the exercise of the over-allotment option) net of underwriter’s expenses, which was paid to CCM upon
the closing of the Public Offering.

The Company also engaged CCM as an advisor in
connection with the Business Combination for which it will earn an advisory fee of 0.525% of the proceeds of the Public Offering (excluding
the proceeds of the exercise of the over-allotment option) payable at closing of the Business Combination.

CCM will also be entitled to an advisory fee equal
to 0.825% of the aggregate proceeds of the exercise of the over-allotment option, payable at the closing of the Business Combination.
The underwriter had agreed to reimburse the Company for the fee to C