Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 943

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 5
Chunk 943
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 below includes forward-looking statements. Our actual results may differ
materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Cautionary
Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in this Annual Report on Form 10-K.

Overview 

We are a blank check company incorporated in Delaware
on February 19, 2021, and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more target businesses, which we refer to herein as our “Business Combination.”

Recent Developments

On September 19, 2023, we held a special meeting
of our stockholders (the “Meeting”) at which the Company’s stockholders approved (A) an amendment (the “Charter
Amendment”) to the Company’s Second Amended and Restated Certificate of Incorporation to extend the date by which the Company
has to consummate its initial business combination from September 20, 2023 to January 19, 2024 (or such earlier date as determined by
the Company’s Board of Directors); and (B) an amendment (the “Trust Amendment”) to the Company’s Investment Management
Trust Agreement dated December 15, 2021, with Continental Stock Transfer & Trust Company, as trustee (as amended, the “Trust
Agreement”), to allow the trustee to liquidate the Trust Account at such time as may be determined by the Company as set forth in
the Charter Amendment. In connection with the Meeting, the holders of 9,239,192 shares of redeemable Class A common stock exercised their
right to redeem their shares for cash at a redemption price of approximately $10.4762 per share, for an aggregate redemption amount of
approximately $96,791,644. Following the redemptions, 15,630,150 shares of redeemable Class A common stock remained outstanding.

Between September 7 and 15, 2023, we entered into
non-redemption agreements with unaffiliated third parties in exchange for each such party agreeing not to redeem public shares in connection
with the Meeting. In exchange for the foregoing commitments not to redeem public shares, the Company agreed to issue or cause to be issued
an aggregate of 1,610,000 Class A Shares at the time of the Company’s initial business combination. In addition, the Company agreed
that