Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1621

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 1621
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1 and the promissory note was terminated and is no longer
available to be drawn upon.

Related Party Loans

In order to finance transaction
costs in connection with an initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we consummate an initial business combination, we would repay such
loaned amounts out of the proceeds of the trust account released to the Company. As of December 31, 2024, $3,000,000 of such working capital
loans were outstanding.

On January 13, 2023, we issued
an unsecured promissory note to Emerald ESG Sponsor, LLC (as amended, the “WC Promissory Note”), pursuant to which we could
borrow up to an aggregate principal amount of $3,000,000. The WC Promissory Note was non-interest bearing and payable upon the consummation
of our initial business combination. As of December 31, 2024, there was $3,000,000 outstanding under the WC Promissory Note. At the Closing,
the outstanding balance under the WC Promissory Note was repaid in full and the WC Promissory Note was terminated.

95

On
October 25, 2024, we issued a promissory note (the “October Note”) to Frontier SPV, LLC (“Frontier”), an
affiliate of our sponsor. Pursuant to the October Note, Frontier agreed to loan us up to an aggregate principal amount of $2,000,000.
The October Note was non-interest bearing and payable upon the consummation of the initial business combination. As of December 31,
2024, there was $1,218,651 outstanding under the October Note. At the Closing, the outstanding balance under the October Note was repaid
in full and the October Note was terminated.

On October 31, 2024, we issued a promissory
note (the “Tax Note”) to Frontier. Pursuant to the Tax Note, Frontier agreed to loan us an aggregate principal amount of $973,116,
which was used to satisfy our excise tax liability. The Tax Note was non-interest bearing and payable upon the consummation of the
initial business combination. As of December 31, 2024, there was $973,116 outstanding under the October Note. At the Closing, the outstanding