Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 849

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 4
Chunk 849
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 2021 and will continue to incur these fees monthly until the earlier
of the completion of the Business Combination and our liquidation. For the year ended December 31, 2024, we incurred $360,000 for the
administrative support services. As of December 31, 2024, $646,452 of the administrative support fees are in accrued expenses in the accompanying
balance sheets.

The holders of the founder shares, private placement
units (including securities contained therein) and units that may be issued upon conversion of working capital loans (including securities
contained therein) are entitled to registration rights pursuant to a registration rights agreement requiring us to register such securities
for resale (in the case of the founder shares, only after conversion to the Class A common stock). The holders of these securities are
entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain
“piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial
Business Combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act.

We granted the underwriter of the Public Offering
a 45-day option to purchase up to 3,300,000 additional Units to cover over-allotments, if any, at the Public Offering price less the underwriting
discounts and commissions. On January 14, 2022, the underwriter purchased an additional 2,869,342 Units pursuant to the over-allotment
option.

The underwriter earned a cash underwriting discount
of two percent (2%) of the gross proceeds of the Units sold in the Public Offering and pursuant to the over-allotment option, or $4,973,868.
Additionally, the underwriter was entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the Units sold in the
Public Offering and pursuant to the over-allotment option, or $8,704,270. The deferred underwriting discount was to become payable to
the underwriter from the amounts held in the Trust Account solely in the event that we complete a Business Combination, subject to the
terms of the underwriting agreement. On October 18, 2023, we entered into an agreement with the underwriter in which the underwriter waived
any entitlement it may have to the deferred underwriting discount in respect of any Business Combination. As a result, the Company recorded