Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 707

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 707
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 redeemed on December 17, 2024.

On October 31, 2024, the Company filed its 2023
Excise tax return and paid the excise tax of $967,916 related to the share redemptions that occurred during the period from January
1, 2023 to December 31, 2023. As of December 31, 2024 and 2023, $1,167,245 and $967,916 was recorded as excise tax payable on the accompanying
balance sheets.

NOTE 3. INITIAL PUBLIC OFFERING

On December 20, 2021, the Company consummated
its Public Offering of 22,000,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one share of Class A common stock
and one-half of one redeemable warrant (the “Public Warrants”). On January 11, 2022, the underwriter partially exercised its
over-allotment option, resulting in the sale on January 14, 2022 of an additional 2,869,342 Units.

All the shares of Class A common stock sold as
part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection
with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in
connection with certain amendments to the Company’s certificate of incorporation. In accordance with the guidance in ASC Topic 480,
“Distinguishing Liabilities from Equity,” and with the SEC and its staff’s guidance on redeemable equity instruments,
which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of the Company require common stock subject
to redemption to be classified outside of permanent deficit.

As of December 31, 2024 and 2023, the common stock
subject to possible redemption reflected on the balance sheets is reconciled in the following table:

    Class A common stock subject to possible redemption, December 31, 2022 
     253,814,255 
  
    Less: 

    Proceeds allocated to Public Warrants 
     (96,791,644)
  
    Plus: 

    Accretion of carrying value to redemption value 
     8,699,271 
  
    Class A common stock subject to possible redemption, December 31, 2023 
     165,721,