Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 120

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 120
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 renamed, and will have the rights and
restrictions attached to the, New Fold Class A common shares.

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As of December 31, 2024 Emerald had 12.4 million
Public Warrants and 0.5 million Private Placement Warrants issued and outstanding. In connection with the Business Combination, Emerald
forfeited the Private Placement Warrants. The warrants are exercisable at $11.50 per share which exceeds the current market price of Emerald’s
Class A common shares. Additionally, Fold had 0.9 million Series A and 0.9 million Series C Warrants outstanding, at an exercise
price of $12.50 and $11.50 per share, respectively, which exceeds the current market price of Fold’s common shares. These warrants are
considered anti-dilutive and excluded from the earnings (loss) per share calculation when the exercise price exceeds the average market
value of the common share price during the applicable period.

The Initial Notes, as described above, contain
a conversion feature that allows the Investor the option to convert the Initial Notes in exchange for 1.7 million shares of Class A common
stock. The effect of the 1.7 million incremental Class A common shares issuable upon a conversion of the Initial Notes is anti-dilutive
and as such, they have been excluded from the earnings (loss) per share calculation.

In connection with the closing of the Business
Combination, 0.5 million of outstanding Sponsor warrants were forfeited and cancelled, and a total of 5.3 million of Sponsor Restricted
Shares were issued, subject to the restrictions as described in the section Sponsor Share Restriction Agreementabove. These shares
are included in the earnings (loss) per share calculation.

|                                                                            |     | For the            
 year ended         
 December 31,       
 2024               |            |
|:---------------------------------------------------------------------------|:----|:-------------------|-----------:|
|                                                                            |     | Combined Pro Forma |            |
| Pro forma net loss attributable to common shareholders - basic and diluted |     | $                  | 10,588,360 |
| Weighted average shares outstanding - basic and diluted                    |     |                    | 46,138,876 |
| Pro forma loss per share - basic and diluted                               |     | $                  |       0.23 |
| Pro forma weighted average shares - basic and diluted                      |     |                    |            |
| Emerald Public Shares