Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 426

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 426
---
 to time, holders of our common stock will be entitled to receive such
dividends and other distributions in cash, stock or property of the Company when, as and if declared thereon by the Board, in its discretion,
from time to time out of assets or funds of the Company legally available therefor. 

Securities Authorized for Issuance Under Equity
Compensation Plans

As of December 31, 2024, FLD had no securities authorized for issuance
under equity compensation plans. In connection with the Business Combination, the Company adopted the Incentive Award Plan and the ESPP,
each of which became effective on the date of the Closing.

Recent Sales of Unregistered Securities and
Use of Proceeds

Unregistered Sales of Equity Securities

On December 20, 2021 and January
14, 2022, we sold 890,000 and 86,081 placement units, respectively, in the private placement for an aggregate purchase price of $9,760,810,
or $10.00 per unit, to our sponsor pursuant to an exemption from registration contained in Section 4(a)(2) of the Securities Act. Each
placement unit consisted of one share of Class A common stock and one half of a placement warrant. The placement warrants were forfeited
by our sponsor at the closing of the Business Combination. The placement shares became transferable 30 days after the closing of the Business
Combination.

Information about additional
unregistered sales of our equity securities in connection with the Business Combination is set forth under Item 2.01 of our Current Report
on Form 8-K filed with the SEC on February 14, 2025.

69

Use of Proceeds

On December 20, 2021, we consummated
the initial public offering of 22,000,000 units generating gross proceeds of $220,000,000. On January 11, 2022, the underwriter partially
exercised its over-allotment option, resulting in the sale on January 14, 2022 of an additional 2,869,342 units for total gross proceeds
of $28,693,420, bringing the aggregate gross proceeds of the initial public offering to $248,693,420. Each unit consisted of one share
of our Class A common stock and one half of one warrant, where each whole warrant entitles the holder to purchase one share of Class A
common stock at an exercise price of $11.