Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1959

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 14
Chunk 1959
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ATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Class B Common Stock

The Company is authorized to issue 10,000,000
shares of Class B common stock with a par value of $0.0001 per share. Holders of the Class B common stock are entitled to one vote for
each share. Holders of Class B common stock will vote on the election of directors prior to the consummation of a Business Combination.
Holders of Class A common stock and Class B common stock will vote together as a single class on all other matters submitted to a vote
of stockholders except as required by law. Following the Meeting on September 19, 2023, the Sponsor determined to convert all of the outstanding
shares of Class B common stock to shares of Class A common stock on a one-for-one basis. As of December 31, 2024 and 2023, there were
no shares of Class B common stock issued and outstanding, respectively. 1,133,333 shares were subject to forfeiture as of December 31,
2021 to the extent that the underwriter’s over-allotment option was not exercised in full so that the Founder Shares will represent,
on an as-converted basis, 25% of the Company’s issued and outstanding shares after the Public Offering. The underwriter subsequently
provided notice of its election to partially exercise its over-allotment option, and the closing of the sale of the additional Units occurred
on January 14, 2022. As a result of the underwriter exercising its over-allotment option in part, the Company’s initial holders
forfeited 148,192 Founder Shares.

Warrants

As of December 31, 2024 and 2023, there were 12,434,671
Public Warrants and 488,041 Private Placement Warrants issued and outstanding. As a result of the Business Combination, 488,041 Private
Placement Warrants were cancelled for no consideration. Each whole warrant entitles the holder to purchase one share of the Company’s
Class A common stock at a price of $11.50 per share, subject to adjustment as described herein, at any time commencing 30 days after the
completion of the initial Business Combination. In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked
securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective