Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 116

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 116
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 Standards Board’s
Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”).

The determination is primarily based on the evaluation
of the following facts and circumstances taking into consideration:

| ● | the pre-combination equityholders of Fold will hold the majority of voting rights in New Fold; |

| ● | the pre-combination equityholders of Fold will have the right to appoint the majority of the directors 
 on the New Fold Board;                                                                                 |

| ● | the senior management of Fold will comprise the senior management of New Fold; and |

| ● | the operations of Fold will comprise the ongoing operations of New Fold. |

Under the reverse recapitalization model, the
Business Combination will be treated as Fold issuing equity for the net assets of Emerald, with no goodwill or intangible assets recorded.

The following summarizes the pro forma New Fold
Common Shares outstanding after redemptions:

|                                                                   |     | Combined Pro Forma |            |     |   |     |   |
|                                                                   |     | Shares             |            |     | % |     |   |
| Emerald Public Shareholders (1)                                   |     |                    |  1,341,633 |     |   |   3 | % |
| Sponsor Held Emerald Public Shares Not Subject to Restriction (2) |     |                    |  4,723,581 |     |   |  10 | % |
| Sponsor Held Emerald Restricted Shares                            |     |                    |  4,867,641 |     |   |  11 | % |
| Total Sponsor Held Emerald Shares                                 |     |                    |  9,591,222 |     |   |  21 | % |
| Total Emerald Shares                                              |     |                    | 10,932,855 |     |   |  24 | % |
| Fold Shares (3)                                                   |     |                    | 35,206,021 |     |   |  76 | % |
| Total Shares at Closing                                           |     |                    | 46,138,876 |     |   | 100 | % |

| (1) | Reflects aggregate redemptions of 3.3 million Class A common shares for $36.6 million that occurred on February 14, 2025.                        |
| (2) | Includes approximately 3.8 million shares assigned to unaffiliated third parties in exchange for executed non-redemption and similar agreements. |
| (3) |