Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 65

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 65
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 to an effective registration
statement covering the resale by the Sponsor and its affiliates. An aggregate of 7,400,000 Class A ordinary shares issued pursuant to
the PIPE transactions are entitled registration rights following the Closing. For more information about registration rights of the PIPE
Shares, see “ Item 4. Information on the Company - A. History and Development of the Company - Additional Agreements in connection
with the Business Combination.” If any of these additional shares are sold, or if it is perceived that they will be sold, in the
public market, the market price of our Class A ordinary shares could decline.

Exercise of Warrants and the Unit Purchase
Option could increase the number of shares eligible for future resale in the public market and result in dilution to our shareholders.

As of the date of this Report,
there were 7,176,389 Warrants outstanding. Each Warrant entitles its holder thereof to purchase three-fourths (3/4) of one Class A ordinary
share at an exercise price of US$11.50 per share (subject to adjustment). The Unit Purchase Option can be exercised at any time for up
to 115,000 Option Units, which shall consist of one Class A Ordinary Share, one Warrant and one right, at an exercise price of US$11.50
per unit (subject to the adjustment). To the extent Warrants and the Unit Purchase Option are exercised, additional Class A ordinary shares
will be issued, which will result in dilution to our then existing shareholders and increase the number of shares eligible for resale
in the public market. Sales of substantial numbers of such shares in the public market could depress the market price of our Class A ordinary
shares.

Our Warrants and the Unit Purchase Option
may never be in the money, and they may expire worthless.

The exercise prices for our
Warrants and the Unit Purchase Option are US$11.50 per share and US$11.50 per Option Unit, respectively (subject to adjustment), which
exceed the market price of our Class A ordinary shares, which was US$4.32 per share based on the closing price of our Class A ordinary
shares on the Nasdaq on April 17, 2025. The likelihood that warrant holders will exercise the Warrants, the likelihood that the holder
of Unit Purchase Option will exercise the Unit Purchase Option, and therefore any cash proceeds that we would receive are dependent upon
the market price of our Class A ordinary shares. If the market price