Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 122

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1
Chunk 122
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 only upon consummation of an initial business combination. 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.

Following the closing
of the initial public offering and the private placement, an amount of $251,180,354 ($10.10 per unit) from the net proceeds from the sale
of the units in the initial public offering and the placement units in the private placement was placed in the trust account. In connection
with the Meeting, the holders of 9,239,192 shares of redeemable Class A common stock exercised their right to redeem their shares for
cash at a redemption price of approximately $10.4762 per share, for an aggregate redemption amount of approximately $96,791,644. In connection
with the January Meeting, the holders of 10,872,266 shares of redeemable Class A common stock exercised their right to redeem their shares
for cash at a redemption price of approximately $10.6224 per share, for an aggregate redemption amount of approximately $115,489,643.
In connection with the Third Extension Meeting, the holders of 112,068 shares of redeemable Class A common stock exercised their right
to redeem their shares for cash at a redemption price of approximately $11.01878 per share, for an aggregate redemption amount of approximately
$1.2 million.

In connection with the closing
of the Business Combination, the holders of 3,304,183 shares of redeemable Class A common stock exercised their right to redeem their
shares for cash at a redemption price of approximately $11.07 per share, for an aggregate redemption amount of approximately $36,576,096.
Following those redemptions, an aggregate of approximately $14,052,210 was paid from the trust account to cover expenses incurred by Legacy
Fold and EMLD in connection with the Business Combination. The remaining balance in the trust account of approximately $799,176 was released
to the Company for general corporate purposes and the trust account was closed.

Purchases of Equity Securities by the Issuer
and Affiliated Purchasers

None.

Item
6.  [RESERVED]

70

ITEM 7. MANAGEMENT’S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the Company’s
financial condition and results of operations should be read in