Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 709

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 2
Chunk 709
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 Founder Shares.
All shares and related amounts have been retroactively adjusted to reflect the split (see Note 7). The number of Founder Shares outstanding
was determined based on the expectation that the total size of the Public Offering would be a maximum of 25,300,000 Units if the underwriter’s
over-allotment option was exercised in full, and therefore that such Founder Shares would represent 25% of the outstanding shares after
the Public Offering. In connection with the partial exercise of the underwriter’s over-allotment option, 148,192 shares of Class
B common stock were forfeited. On September 19, 2023, the Company held the Meeting where the Company’s stockholders approved the
Charter Amendment. Following the Meeting, the Sponsor, as the holder of 100% of the Founder Shares, determined to convert all the outstanding
Founder Shares into shares of Class A common stock, on a one-for-one basis.

The Sponsor has agreed not to transfer, assign
or sell any of its Founder Shares (i) with respect to 25% of such shares, until consummation of the initial Business Combination, (ii)
with respect to 25% of such shares, until the earlier of the second anniversary of the consummation of the initial Business Combination
or the first date at which the closing price of the Class A common stock exceeds $12.00 for any 20 trading days within a 30-trading day
period following the consummation of the initial Business Combination, (iii) with respect to 25% of such shares, until the earlier of
the second anniversary of the consummation of the initial Business Combination or the first date at which the closing price of the Class
A common stock exceeds $13.50 for any 20 trading days within a 30-trading day period following the consummation of the initial Business
Combination, and (iv) with respect to 25% of such shares, until the earlier of the second anniversary of the consummation of the initial
Business Combination or the first date at which the closing price of the Class A common stock exceeds $15.00 for any 20 trading days within
a 30-trading day period following the consummation of the initial Business Combination. Notwithstanding the foregoing, the transfer restrictions
set forth in the immediately preceding sentence shall terminate upon the date following the initial Business Combination on which the
Company completes a liquidation, merger, capital stock exchange or other