Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 128

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 128
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 Note. On October 16, 2023, the Company and the Sponsor
amended the Promissory Note to increase the aggregate principal amount of the Promissory Note from $1,500,000 to $3,000,000 (described
in Note 5). At December 31, 2024 and 2023, $3,000,000 and $2,025,000 of such Working Capital Loans were outstanding, respectively. As
a result of the Business Combination the Working Capital Loans were repaid.

On October 25, 2024, the Company issued a promissory
note (the “October Note”) to Frontier SPV, LLC (“Frontier”), an affiliate of the Company’s sponsors. Pursuant
to the October Note, Frontier agreed to loan the Company up to an aggregate principal amount of $2,000,000. The October Note is non-interest
bearing and all outstanding amounts under the October Note will be due on the date on which the Company consummates a Business Combination.
No portion of the amounts outstanding under the October Note may be converted into units or shares. As of December 31, 2024 and 2023,
there was $1,218,651 and $0 outstanding under the October Note, respectively. As a result of the Business Combination the October Note
was repaid.

On October 31, 2024, the Company issued a promissory
note (the “Tax Note”) to Frontier. Pursuant to the Tax Note, Frontier agreed to loan the Company an aggregate principal amount
of $973,116, which was used to satisfy the Company’s excise tax liability. The Tax Note is non-interest bearing and all outstanding
amounts under the Tax Note will be due on the date on which the Company consummates a Business Combination. No portion of the amounts
outstanding under the Tax Note may be converted into units or shares. As of December 31, 2024 and 2023, there was $973,116 and $0 outstanding
under the Tax Note, respectively. As a result of the Business Combination the Tax Note was repaid.

As of December 31, 2024, we had cash, investments
and marketable securities held in the Trust Account of $51,289,643. On September 19, 2023, we held the Meeting at which the Company’s
stockholders approved (A) the Charter Amendment to the Company’s Second Amended and Rest