Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 225

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 225
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Fold, Inc.

Notes to Financial Statements</div>

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Fold, Inc. (“Fold,” the “Company,”
“we,” “our,” or “us”) is a bitcoin financial services company dedicated to expanding access to bitcoin
through a comprehensive suite of consumer financial services. The Company was formed with the purpose of creating a modern financial services
platform that allows customers to earn, accumulate, and utilize bitcoin in their everyday life. The Company offers consumers an FDIC insured
checking account through Sutton Bank, a prepaid Visa debit card, bill payments, and an extensive catalog of merchant reward offers. The
Company also offers various forms of bitcoin buying and selling with low-to-zero fees, instant withdrawals, and insured custody. By integrating
bitcoin across traditional financial services, the Company acts as a key point of entry for consumers to engage with and integrate bitcoin
into their everyday lives. The Company’s products and services are available in the United States through the Fold mobile app.

The Company was incorporated in the state of Delaware
on August 20, 2019. The Company is a remote-first company and does not designate a physical headquarters.

On July 24, 2024, the Company entered into a definitive
agreement (the “Merger Agreement”) with FTAC Emerald Acquisition Corp. (“FTAC Emerald”), a publicly-traded special
purpose acquisition company, providing for a proposed business combination (the “Merger”). The registration statement for the
Merger was declared effective by the SEC on January 23, 2025, the Merger was approved by FTAC’s shareholders on February 13, 2025,
and the business combination was finalized on February 14, 2025. The combined company now operates under the name Fold Holdings, Inc.,
and its common stock and warrants trade on the Nasdaq under the ticker symbols “FLD” and “FLDDW,” respectively.

Liquidity and capital resources

As of December 31, 2024, the Company had cash
and cash equivalents of $18.3 million and positive working capital of $6.4 million. The Company has a history of net operating losses,
including net operating losses of $5.8 million for the year ended December 31, 2024. The Company has an accumulated deficit of $101.3
million, substantially due to the accumulation of fair value adjustments on the Company’s SAFEs totaling $91.5 million.

As of December 31, 202