Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 30

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 30
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 success also depends, in large part, on the continued contributions of our senior management team. In addition, our future success
depends on our ability to retain, attract and incentivize qualified personnel, especially our R& D and technical personnel. The process
of hiring employees with the combination of skills and characteristics required to implement our strategy can be extremely competitive
and time-consuming. We cannot assure you that we will be able to attract adequate personnel as we continue to pursue our business strategies.

Moreover, we cannot assure
you that we will be able to retain key existing employees. The loss of any of our senior management or R& D team members could harm
our ability to implement our business strategies and respond to the rapidly changing market conditions in which we operate, or could result
in other operating risks. The loss of one or more of our key employees or our inability to retain, attract and motivate qualified personnel,
could have a material adverse effect on our business, financial condition and results of operations.

We may be subject to fines and other administrative
penalties resulting from our business operations, which could materially and adversely affect our business, financial condition and results
of operation.

Our current operations are
primarily subject to the regulations in Singapore and the United States. These relevant regulatory authorities have broad powers
to adopt regulations and other requirements affecting or restricting our operations, including the regulation of digital assets and mining
operations, as well as tax policies. Moreover, these relevant regulatory authorities possess significant powers to enforce applicable
regulatory requirements in the event of our non-compliance, including the imposition of fines, sanctions or the revocation of licenses
or permits to operate our business. If we face administrative fines or penalties concerning our operations or our subsidiaries, it could
have a material adverse impact on our business, financial condition and results of operation.

We have granted, and may continue to grant,
equity incentives under the 2022 Share Incentive Plan, which could adversely affect our results of operations.

We have assumed the 2022 Share
Incentive Plan of Finfront upon the completion of the Business Combination. Pursuant to the assumed 2022 Share Incentive Plan (the “2022
Share Incentive Plan”), we have granted, and may continue to grant, share-based awards to our employees, directors or consultants
to incentivize their performance and align their interests. The maximum aggregate number of ordinary shares that may be issued under the
2022 Share Incentive Plan is 7,500,000 ordinary shares