Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 117

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 117
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 Includes the exercise of 0.5 million Series B Warrant Shares for a nominal exercise price of $0.001 per share.                                   |

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The unaudited pro forma adjustments are based
on information currently available, and assumptions and estimates underlying the unaudited pro forma adjustments are described in the
accompanying notes. Actual results may differ materially from the assumptions used to present the accompanying unaudited pro forma condensed
combined financial information.

The unaudited pro forma condensed combined financial
statements have been prepared for illustrative purposes only and are not necessarily indicative of what the actual results of operations
and financial position would have been had the Business Combination and related transactions taken place on the dates indicated, nor do
they purport to project the future consolidated results of operations or financial position of the combined company. They should be read
in conjunction with the audited financial statements and notes thereto of each of Emerald and Fold as of and for the year
ended December 31, 2024, respectively and included elsewhere in this filing.

There were no significant intercompany balances
or transactions between Emerald and Fold as of the date and for the period of these unaudited pro forma condensed combined financial statements.

The pro forma basic and diluted earnings per share
amounts presented in the unaudited pro forma condensed combined statements of operations are based upon the number of Emerald’s
common shares outstanding, assuming the Business Combination and related transactions occurred on January 1, 2024.

Note 2. Unaudited Pro Forma Condensed Combined Balance Sheet Adjustments

The pro forma adjustments included in the unaudited
pro forma condensed combined balance sheet as of December 31, 2024 are as follows:

a) Represents the reclassification of
4.6 million of Class A common shares subject to possible redemption to permanent equity, less 3.3 million shares redeemed subsequent on
February 14, 2025 for an aggregate redemption amount of $36.6 million.

b) Reflects the recapitalization of
Fold. Immediately prior to the recapitalization, as triggered by the Business Combination, Fold historical preferred shares and Simple
Agreements for Future Equity (“SAFEs”) convert to Fold common shares, which, collectively with the Fold historical common shares,
are exchanged for New Fold Common Shares and additional paid-in-capital. Additionally, reflects the reclassification of Fold’s previously
deferred transaction costs asset to additional paid-in-capital.

c) Reflects the re