Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 902

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 4
Chunk 902
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 loan the Company up to an aggregate principal amount of $2,000,000. The October Note is non-interest
bearing and all outstanding amounts under the October Note will be due on the date on which the Company consummates a Business Combination.
No portion of the amounts outstanding under the October Note may be converted into units or shares. As of December 31, 2024 and 2023,
there was $1,218,651 and $0 outstanding under the October Note, respectively. As a result of the Business Combination, the October Note
was repaid.

On October 31, 2024, the Company issued a promissory
note (the “Tax Note”) to Frontier. Pursuant to the Tax Note, Frontier agreed to loan the Company an aggregate principal amount
of $973,116, which was used to satisfy the Company’s excise tax liability. The Tax Note is non-interest bearing and all outstanding
amounts under the Tax Note will be due on the date on which the Company consummates a Business Combination. No portion of the amounts
outstanding under the Tax Note may be converted into units or shares. As of December 31, 2024 and 2023, there was $973,116 and $0 outstanding
under the Tax Note, respectively. As a result of the Business Combination, the Tax Note was repaid.

In connection with the Company’s assessment
of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Update
(“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”
management believes that the existing cash and cash equivalents, accounts receivable, financings received, and digital assets held which the Company has available following the completion of the Business Combination will enable it
to sustain operations for a period of at least one-year from the issuance date of these financial statements. Accordingly, substantial
doubt about the Company’s ability to continue as a going concern as disclosed in previously issued financial statements has been
alleviated.

Subscription Agreement

On January 3, 2024, the Company entered into a
subscription agreement with Polar Multi-Strategy Master Fund (“Polar”), Emerald ESG Sponsor, LLC (“ESG Sponsor”),
Emerald ESG Advisors, LLC (“ESG Advisors”) and Emerald ESG Funding, LLC (“ESG Funding” and collectively with ESG
Sponsor and ESG Advisors, the “S