Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1446

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9
Chunk 1446
---
 as of the Closing or (ii) in
cash.

In consideration of the Polar
Contribution, we agreed to issue 1.0 share of Class A Common Stock for each dollar of the Polar Contribution funded as of or prior
to the Closing, which shares shall be subject to no transfer restrictions or any other lock-up provisions, earn outs, or other contingencies.
At December 31, 2024, $550,000 had been funded pursuant to the Polar Contribution, gross of the discount, under the Subscription Agreement.
At the Closing, Polar received 550,000 shares of Class A Common Stock and $550,000 and the Subscription Agreement was terminated.

Promissory Note — Related Party

Prior to the closing of the
initial public offering, our sponsor loaned us $105,260 for expenses related to our formation and the initial public offering. The loan
was non-interest bearing, unsecured and due on the earlier of March 31, 2022 or the closing of the initial public offering. The outstanding
balance under the promissory note of $105,260 was repaid on December 27, 2021 and the promissory note was terminated and is no longer
available to be drawn upon.

Related Party Loans

In order to finance transaction
costs in connection with an initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we consummate an initial business combination, we would repay such
loaned amounts out of the proceeds of the trust account released to the Company. As of December 31, 2024, $3,000,000 of such working capital
loans were outstanding.

On January 13, 2023, we issued
an unsecured promissory note to Emerald ESG Sponsor, LLC (as amended, the “WC Promissory Note”), pursuant to which we could
borrow up to an aggregate principal amount of $3,000,000. The WC Promissory Note was non-interest bearing and payable upon the consummation
of our initial business combination. As of December 31, 2024, there was $3,000,000 outstanding under the WC Promissory Note. At the Closing,
the outstanding balance under the WC Promissory Note was repaid in full and the WC Promissory Note was terminated.

95

On
October 25