Company: FLDDW
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001213900-25-068264
Chunk: 289

Company: Fold Holdings, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 289
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INGS, INC.
(F/K/A FTAC EMERALD ACQUISITION CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2024 NOTE 1. ORGANIZATION AND BUSINESS OPERATIONS (cont.) December 27, 2021, and the promissory note was terminated. The Company incurred significant costs in pursuit of its Business Combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management addressed this issue with the consummation of the Business Combination on February 14, 2025 and has raised sufficient capital for its operations. In order to finance transaction costs in connection with its initial Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination, the Company expects to repay such loaned amounts out of the proceeds of the Trust Account released to it. As of December 31, 2024 and 2023, $ 5,191,767and $ 2,025,000of Working Capital Loans were outstanding, respectively. As a result of the Business Combination, the Working Capital Loans were repaid. On January 13, 2023, the Sponsor agreed to loan the Company up to $ 1,500,000(the “Promissory Note”). The Promissory Note is non -interestbearing and all outstanding amounts under the Promissory Note will be due on the date on which the Company consummates a Business Combination. No portion of the amounts outstanding under the Promissory Note may be converted into units at a price of $ 10.00per unit, which would have been permissible as described in the prospectus filed in connection with the Public Offering. On October 16, 2023, the Company and the Lender amended the Promissory Note to increase the aggregate principal amount of the Promissory Note from $ 1,500,000to $ 3,000,000. All other material terms of the Promissory Note remain in full force and effect. As of December 31, 2024 and 2023, there was $ 3,000,000and $ 2,025,000outstanding under the Promissory Note, respectively. As a result of the Business Combination, the Promissory Note was repaid. On October