Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 536

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 536
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 the Third
Charter Amendment. In connection with the Third Extension Meeting, the holders of 112,068 shares of redeemable Class A common stock exercised
their right to redeem their shares for cash at a redemption price of approximately $11.01878 per share, for an aggregate redemption amount
of approximately $1.2 million. Following the redemptions, 4,645,816 shares of redeemable Class A common stock remain outstanding. As of
December 31, 2024, we recorded $1,167,245 of excise tax liability calculated as 1% of the shares redeemed on January 19, 2024 and December
17, 2024.

On February 14, 2025, we completed our Business
Combination with Fold.

Results of Operations

Our only activities through December 31, 2024,
were organizational activities, those necessary to prepare for the initial public offering (the “Public Offering”), described
below, identifying a target company for a Business Combination and consummating the acquisition of Fold. We do not expect to generate
any operating revenues until after the completion of the Business Combination. We generate non-operating income in the form of interest
income on marketable securities held in the Trust Account. We incur expenses as a result of being a public company (for legal, financial
reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the year ended December 31, 2024, we had a
net loss of $1,868,532, which consisted of general and administrative expenses of $2,920,423, non-redemption agreement expense of $838,825,
provision for income tax of $628,508 and interest expense of $434,696, offset by interest income earned on investments held in Trust Account
of $2,953,920.

For the year ended December 31, 2023, we had net income of $4,443,634,
which consisted of interest income earned on investments held in Trust Account of $11,207,609, partially offset by operating and formation
costs of $3,730,488, provision for income tax of $2,325,087 and non-redemption agreement expense of $708,400.

Liquidity and Capital Resources

On December 20, 2021, we consummated the Public
Offering of 22,000,000 units generating gross proceeds of $220,000,000. Each unit