Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 941

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 5
Chunk 941
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 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 $11.50 per share, subject to adjustment.

Goldman Sachs & Co. LLC
served as the sole book-running manager for the initial public offering. The units sold in the initial public offering were registered
under the Securities Act on a registration statement on Form S-1 (No. 333-261254), which was declared effective by the SEC on December
15, 2021.

We
incurred a total of $14,181,568 in transaction costs related to the initial public offering. We paid a total of $4,973,868 in underwriting
discounts and commissions ($660,000 of which was reimbursed to us to pay the advisory fee due to CCM) and $503,430 in other costs and
expenses related to the initial public offering. In addition, the underwriter agreed to defer $8,704,270 in underwriting discounts and
commissions, which would be payable only upon consummation of an initial business combination. On October 18, 2023, we entered into an
agreement with the underwriter in which the underwriter waived any entitlement it may have to the deferred underwriting discount in respect