Company: FLDDW
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001213900-25-026537
Chunk: 256

Company: Fold Holdings, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 256
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 96,791,644. On January 19, 2024, in connection with the approval of the January Charter Amendment at the January Meeting, the Company’s stockholders exercised their right to redeem 10,872,266shares for a total of $ 115,489,643. On December 17, 2024, in connection with approval and implementation of the Third Charter Amendment at the Third Extension Meeting, the Company’s stockholders exercised their right to redeem 112,068shares for a total of $ 1,234,852. The Company evaluated the classification and accounting of the stock redemptions under ASC 450, “Contingencies”. ASC 450 states that when a loss contingency exists the likelihood that the future event(s) will confirm the loss or impairment of an asset, or the incurrence of a liability can range from probable to remote. A contingent liability must be reviewed at each reporting period to determine appropriate treatment. The Company evaluated the current status and probability of completing a Business Combination as of December 31, 2024, and concluded that it is probable that a contingent liability should be recorded. As of December 31, 2024, the Company recorded $ 1,167,245of excise tax liability calculated as 1% of shares redeemed on January 19, 2024 and 1% of the shares redeemed on December 17, 2024. On October 31, 2024, the Company filed its 2023 Excise tax return and paid the excise tax of $ 967,916related to the share redemptions that occurred during the period from January 1, 2023 to December 31, 2023. As of December 31, 2024 and 2023, $ 1,167,245and $ 967,916was recorded as excise tax payable on the accompanying balance sheets.

NOTE 3. INITIAL PUBLIC OFFERING

On December 20, 2021, the Company consummated
its Public Offering of Units at a purchase price of $ per Unit. On January 11, 2022, the underwriter partially exercised its
over-allotment option, resulting in the sale on January 14, 2022 of an additional Units.

All the shares of Class A common stock sold as
part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection
with the Company’s liquidation, if there is a