Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 115

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 115
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 |     |                                   |            |   |     |    |     |                    |  46,138,876 |   |
| Loss Per Share - Basic and Diluted                                       |     | $                    |      (0.12 | ) |     | $                       |       (9.20 | ) |     |                                   |            |   |     |    |     | $                  |        0.23 |   |

<div align='center'>61

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED
FINANCIAL INFORMATION</div>

Note 1. Basis of Pro Forma Presentation

The unaudited pro forma condensed combined financial
information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, “Amendments
to Financial Disclosures about Acquired and Disposed Businesses.” Release No. 33-10786 replaces the existing pro forma adjustment
criteria, which simplified requirements to depict the accounting for the transactions and present the reasonably estimable synergies and
other transaction effects that have occurred or are reasonably expected to occur. These unaudited pro forma condensed combined financial
statements do not present any estimable synergies and only present the Transaction adjustments, and have been presented to provide relevant
information necessary for an understanding of the transactions discussed above. Adjustments have been made to depict in the unaudited
pro forma condensed combined balance sheet of Emerald and Fold as of December 31, 2024 the accounting for the transaction required by
U.S. Generally Accepted Accounting Principles (U.S. GAAP) as if the Business Combination and December 2024 Initial Investor Financing
transactions were completed as of December 31, 2024. The pro forma condensed combined statements of operations of Emerald and Fold for
the year ended December 31, 2024 reflect any corresponding effects of the balance sheet adjustments to the statement of operations assuming
those adjustments were made as of the beginning of the period presented. These adjustments are described in the accompanying notes and
are based on available information and certain assumptions we believe are reasonable but are subject to change. Emerald and Fold are collectively
referred to herein as the “Companies,” and the Companies, subsequent to the Business Combination and the Transactions, are
referred to herein as “New Fold”.

The Business Combination will be accounted for
as a reverse recapitalization because Fold has been determined to be the accounting acquirer under Financial Accounting