Company: FLDDW
Filing Date: 2025-08-11
Form Type: 424B3
Source: 0001213900-25-074298
Chunk: 120

Company: Fold Holdings, Inc.
Filing Date: 2025-08-11
Form: 424B3
Chunk 120
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 Fold has been determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). The determination is primarily based on the evaluation of the following facts and circumstances taking into consideration: •the pre -combinationequityholders of Fold will hold the majority of voting rights in New Fold; •the pre -combinationequityholders of Fold will have the right to appoint the majority of the directors on the New Fold Board; •the senior management of Fold will comprise the senior management of New Fold; and •the operations of Fold will comprise the ongoing operations of New Fold. Under the reverse recapitalization model, the Business Combination will be treated as Fold issuing equity for the net assets of Emerald, with no goodwill or intangible assets recorded. The following summarizes the pro forma New Fold Common Shares outstanding following the completion of the Business Combination:

|                                                                  |     | Combined Pro Forma |     |     |   |
|                                                                  |     |             Shares |     |   % |   |
| Emerald Public Shareholders(1)                                   |     |          1,341,633 |     |   3 | % |
| Sponsor Held Emerald Public Shares Not Subject to Restriction(2) |     |          4,723,581 |     |  10 | % |
| Sponsor Held Emerald Restricted Shares                           |     |          4,867,641 |     |  11 | % |
| Total Sponsor Held Emerald Shares                                |     |          9,591,222 |     |  21 | % |
| Total Emerald Shares                                             |     |         10,932,855 |     |  24 | % |
| Fold Shares(3)                                                   |     |         35,206,021 |     |  76 | % |
| Total Shares at Closing                                          |     |         46,138,876 |     | 100 | % |

____________ (1)Reflects aggregate redemptions of 3.3 million Class A common shares for $36.6 million that occurred on February 14, 2025. (2)Includes approximately 3.8 million shares assigned to unaffiliated third parties in exchange for executed non -redemptionand similar agreements. (3)Includes the exercise of 0.5 million Series B Warrant Shares for a nominal exercise price of $0.001 per share.

70 The unaudited pro forma adjustments are based on information currently available, and