Company: FLDDW
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001213900-25-068264
Chunk: 338

Company: Fold Holdings, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 338
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4 Initial Investor Note, the incurrence of indebtedness, the existence of liens, the repayment of indebtedness, the payment of cash in respect of dividends, distributions or redemptions, the transfer of assets, the maturity of other indebtedness, and transactions with affiliates, among other customary matters. As of March 31, 2025, the Company was in compliance with all covenants and there have been no events of default during the period. F-70

Fold Holdings, Inc.
Notes to Unaudited Condensed Financial Statements 10. CONVERTIBLE NOTES AND WARRANTS (cont.)

The March 2025 Investor Note

| March 2025 Investor Note                 |     | March 31, 
 2025      | 46,279,500 |     | December 31, 
 2024         | — |
|:-----------------------------------------|:----|:----------|-----------:|:----|:-------------|:--|
| Fair value adjustment                    |     |           |  6,534,143 |     |              | — |
| March 2025 investor note – related party |     | $         | 52,813,643 |     | $            | — |

On March 6, 2025, Fold entered into a Securities Purchase Agreement (the “March 2025 SPA”) with a related party (the “Investor”), pursuant to which Fold issued to the Investor (i) a Convertible Note in an aggregate principal amount of $ million (the “March 2025 Investor Note”), which is convertible into shares of Common Stock at any time, at the option of the Investor, at a conversion price of $ per share, (ii) warrants exercisable for shares of Common Stock with an exercise price of $ per share (the “March 2025 Warrants”, and (iii) an aggregate of shares of Common Stock (the “Closing Shares”).

As of March 31, 2025, the principal amount outstanding under the March 2025 Investor Note was $ million and the fair value was $ million. The aggregate principal amount outstanding under the March 2025 Investor Note, plus accrued and unpaid interest, is convertible at any time, at the Investor’s option, into shares of the Company’s common stock at an initial fixed conversion price of $ per share, subject to certain adjustments and alternative conditions. The Company also has a forced conversion right, which is exercisable on the occurrence of certain conditions set forth in the Note, pursuant to