Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 327

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 327
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 a
net loss of $1,868,532, which consisted of general and administrative expenses of $2,920,423, non-redemption agreement expense of $838,825,
provision for income tax of $628,508 and interest expense of $434,696, offset by interest income earned on investments held in Trust Account
of $2,953,920.

For the year ended December 31, 2023, we had net income of $4,443,634,
which consisted of interest income earned on investments held in Trust Account of $11,207,609, partially offset by operating and formation
costs of $3,730,488, provision for income tax of $2,325,087 and non-redemption agreement expense of $708,400.

Liquidity and Capital Resources

On December 20, 2021, we consummated the Public
Offering of 22,000,000 units generating gross proceeds of $220,000,000. Each unit consists of one share of Class A common stock and one-half
of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock for $11.50
per share, subject to adjustment. On January 11, 2022, the underwriter partially exercised its over-allotment option, resulting in the
sale on January 14, 2022 of an additional 2,869,342 units for total gross proceeds of $28,693,420.

Simultaneously with the closing of the Public
Offering, we consummated the sale of 890,000 Private Placement Units at a price of $10.00 per Private Placement Unit in a private placement
to our Sponsor, generating gross proceeds of $8,900,000. On January 14, 2022, the underwriter partially exercised its over-allotment option,
resulting in the sale of an additional 86,081 Private Placement Units to our Sponsor for total gross proceeds of $860,810, bringing the
total aggregate gross proceeds of the Private Placement to $9,760,810.

We incurred $14,181,568 in IPO transaction costs,
including $4,973,868 of underwriting fees ($660,000 of which was reimbursed to us to pay the advisory fee due to CCM), $8,704,270 of deferred
underwriting fees and $503,430 of other offering costs.

Following the Public Offering