Company: FLDDW
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001213900-25-068264
Chunk: 344

Company: Fold Holdings, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 344
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ensed Financial Statements 12. SHARE-BASED COMPENSATION EXPENSE (cont.)

Determination of fair value

The initial value of the awards on the dates that the RSUs and RSAs were granted was determined based on the underlying value of the Company’s common stock. As a private company, the common stock was valued by performing an enterprise valuation using a guideline public company market approach method. This method leverages an analysis of publicly traded peers to develop relevant market multiples and ratios applied to the Company’s historical and expected cash flows. As a public company, the common stock will be valued based on the Company’s stock price.

RSU and RSA activity

The following table summarizes RSU and RSA share activity under the Equity Plans for the three months ended March 31, 2025 and 2024:

|                                     |     |       RSUs |   |     |    RSAs |   |
| Shares nonvested at January 1, 2025 |     |  2,098,620 |   |     |  17,270 |   |
| Granted                             |     |          — |   |     |       — |   |
| Vested                              |     | (1,460,409 | ) |     | (17,270 | ) |
| Forfeited                           |     |          — |   |     |       — |   |
| Shares nonvested at March 31, 2025  |     |    638,211 |   |     |       — |   |

|                                     |     |      RSUs |     |    RSAs |   |
| Shares nonvested at January 1, 2024 |     | 1,271,784 |     | 124,176 |   |
| Granted                             |     |   154,327 |     |       — |   |
| Vested                              |     |         — |     | (27,586 | ) |
| Forfeited                           |     |         — |     |       — |   |
| Shares nonvested at March 31, 2024  |     | 1,426,111 |     |  96,590 |   |

13. COMMITMENTS AND CONTINGENCIES 401(k) Plan We sponsor a 401(k) defined contribution plan covering all eligible U.S. employees. Both Company and employee contributions to the 401(k) plan are discretionary. For each of the three months ended March 31, 202