Company: FLDDW
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0000950170-25-072851
Chunk: 29

Company: Fold Holdings, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 29
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's awarded RSAs are not subject to any performance condition vesting requirements and are instead subject only to service conditions. We recorded a nominal amount of share-based compensation expense related to RSAs for the three months ended March 31, 2025 and March 31, 2024. There was no material unrecognized compensation expense related to RSAs as of March 31, 2025 or March 31, 2024, as all unvested shares were purchased by the Participants at fair value at the time of issuance. There were not any additional RSAs granted during the three months ended March 31, 2025 or March 31, 2024. Share-based compensation expense for RSAs is included in compensation and benefits in the accompanying statements of operations.

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.

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Fold Holdings, Inc.

Notes to Unaudited Condensed Financial Statements</div>

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 |