Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 695

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 695
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 (the “Merger,” and together with the other transactions contemplated by the Merger Agreement, the
“Transactions”), with Fold surviving the merger as a wholly owned subsidiary of the Company.

Business Prior to the Business Combination

All activity through December 31, 2024, relates
to the Company’s formation and the initial public offering (“Public Offering”), which is described below, and subsequent
to the Public Offering, identifying a target company for a Business Combination and consummating the acquisition of Fold.

The registration statement for the Company’s
Public Offering was declared effective on December 15, 2021 (the “Effective Date”). On December 20, 2021, the Company consummated
its Public Offering of 22,000,000 units (the “Units” and, with respect to the Class A common stock included in the Units being
offered, the “public shares”) at $10.00 per Unit, which is discussed in Note 3, and the sale of 890,000 placement units (the
“Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to the Sponsor, which is
discussed in Note 4 (“Private Placement”).

The underwriter of the Company’s IPO subsequently
provided notice of its election to partially exercise its over-allotment option, and the closing of the issuance and sale of the additional
Units (the “Over-Allotment Option Units”) occurred on January 14, 2022. A total aggregate issuance by the Company of 2,869,342
Over-Allotment Option Units at a price of $10.00 per Over-Allotment Option Unit resulted in total gross proceeds of $28,693,420 to the
Company.

Simultaneously with the issuance and sale of the
Over-Allotment Option Units, the Company consummated the private sale of an additional 86,081 Private Placement Units (the “Additional
Private Placement Units”) at a price of $10.00 per Additional Private Placement Unit to the Sponsor, generating gross proceeds of
$860,810.

Transaction costs related to the Public Offering
and over-allotment amounted to $14,181,568, consisting of $4,973,868 of underwriting commissions, $8,704,270 in deferred underwriting
fees, and $503,430 of other offering costs.

Principles of Consolidation

The accompanying consolidated financial statements
include