# EDGAR Filing Document

**Accession Number:** 0001854963
**File Stem:** 0001493152-25-020414
**Filing Date:** 2025-10
**Character Count:** 22485
**Document Hash:** 38329100bfe7194073ba0a5ff116ee7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020414.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001493152-25-020414

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHF Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001854963
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 862409612
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291204
- **FILM NUMBER:** 251441248

**BUSINESS ADDRESS:**
- **STREET 1:** 1526 COLE BLVD.
- **STREET 2:** SUITE 250
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** (303) 431-3435

**MAIL ADDRESS:**
- **STREET 1:** 1526 COLE BLVD.
- **STREET 2:** SUITE 250
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210402

**Registration No. 333-_________**

**As filed with the Securities and Exchange Commission on October 31, 2025**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**SHF Holdings, Inc.**

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **86-2409612** |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |

---

**1526 Cole Blvd., Suite 250**

**Golden, Colorado 80401**

(Address of Principal Executive Offices)

**SHF HOLDINGS, INC. AMENDED AND RESTATED – 2022 EQUITY INCENTIVE PLAN**

(Full title of the Plan)

Copy to:

---

| | |
|:---|:---|
| **Terrance E. Mendez** | **Michael D. Schwamm, Esq.** |
| **Chief Executive Officer** | **Justin A. Santarosa, Esq.** |
| **1526 Cole Blvd., Suite 250** | **Duane Morris LLP** |
| **Golden, Colorado 80401** | **865 South Figueroa Street, Suite 3100** |
| **(303) 431-3435** | **Los Angeles, California 90017** |
|  | **(213) 689-7466** |
| (Name, Address and Telephone |  |
| Number of Agent for Service) |  |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**REGISTRATION OF ADDITIONAL SECURITIES**

On July 8, 2025, the stockholders of SHF Holdings, Inc. (the "Company") approved an amendment (the "Amendment") to the SHF Holdings, Inc. Amended and Restated – 2022 Equity Incentive Plan (as amended and/or restated from time to time, the "Plan"). Pursuant to the Amendment, the number of shares of the Company's Class A common stock, par value $0.0001 ("Common Stock"), authorized for issuance under the Plan was increased by 274,891 (the "Newly Authorized Shares"). In addition, the Amendment includes a provision whereby the total number of shares of Common Stock that may be issued under the Plan will automatically increase (an "Automatic Increase") upon the occurrence of a Dilution Event (as defined in the Amendment) and on the first trading day of each calendar year, beginning on January 1, 2026, by such number of shares of Common Stock necessary to make the total shares of Common Stock authorized under the Plan equal to fifteen percent (15%) of the total outstanding shares of Common Stock on the last day of the prior calendar year (subject to a maximum annual increase of 50,000 shares of Common Stock).

This Registration Statement registers an additional 424,891 shares (the "Additional Shares") of Common Stock that may be offered and sold under the Plan as of the date hereof or following an Automatic Increase, as applicable. The Additional Shares are comprised of (i) the Newly Authorized Shares and (ii) 150,000 shares of Common Stock, which represent the maximum aggregate number of shares of Common Stock that may become authorized for issuance under the Plan after the first three (3) Automatic Increases following the date hereof. This Registration Statement relates solely to the registration of additional securities of the same class as other securities for which one or more other registration statements filed on this form relating to the same employee benefit plan are effective. Pursuant to General Instruction E to Form S-8, the contents of the Company's previously filed registration statement on Form S-8 relating to the Plan (File No. 333-276311), filed with the Securities and Exchange Commission (the "Commission") on December 29, 2023, including any amendments thereto or filings incorporated therein, are hereby incorporated by reference herein to the extent not otherwise amended or superseded by the contents hereof.

---

| | |
|:---|:---|
| **PART II.** | **INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** |

---

**Item 3.** **Incorporation of Documents by Reference**

The Company is subject to the informational and reporting requirements of Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and, in accordance therewith, files reports, proxy statements and other information with the Commission. The following documents, which are on file with the Commission, are incorporated into this Registration Statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company's Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1854963/000164117225003608/form10-k.htm) for the year ended December 31, 2024, filed with the Commission on April 10, 2025, as amended by the Company's Annual Report on [Form 10-K/A](https://www.sec.gov/Archives/edgar/data/1854963/000164117225007881/form10-ka.htm) for the year ended December 31, 2024, filed with the Commission on April 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company's Quarterly Report on [Form 10-Q](https://www.sec.gov/Archives/edgar/data/1854963/000164117225011821/form10-q.htm) for the period ended March 31, 2025, filed with the Commission on May 21, 2025, as amended by the Company's Quarterly Report on [Form 10-Q/A](https://www.sec.gov/Archives/edgar/data/1854963/000164117225024207/form10-qa.htm) for the period ended March 31, 2025, filed with the Commission on August 14, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company's Quarterly Report on [Form 10-Q](https://www.sec.gov/Archives/edgar/data/1854963/000164117225024215/form10-q.htm) for the period ended June 30, 2025, filed with the Commission on August 14, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company's Current Reports on Form 8-K, filed with the Commission on [January 7, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225001242/form8-k.htm), [January 27, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225003808/form8-k.htm), [January 29, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225004094/form8-k.htm), [February 3, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225004593/form8-k.htm), [March 4, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225009057/form8-k.htm), [March 7, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225009591/form8-k.htm), [March 13, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225010208/form8-k.htm), [March 14, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225010297/form8-k.htm), [March 20, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225010999/form8-k.htm), [April 7, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225003018/form8-k.htm), [April 18, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225005442/form8-k.htm), [May 2, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225008431/form8-k.htm), [May 7, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225009049/form8-k.htm), [May 28, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225012685/form8-k.htm), [July 11, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225018749/form8-k.htm), [August 14, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225024157/form8-k.htm), [August 22, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225025203/form8-ka.htm), [September 2, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000164117225026139/form8-k.htm), [September 12, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225013202/form8-k.htm), [September 23, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225014636/form8-k.htm), [September 30, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225016307/form8-k.htm), [October 3, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225016886/form8-k.htm), and [October 17, 2025](https://www.sec.gov/Archives/edgar/data/1854963/000149315225018452/form8-k.htm) (other than information in such Current Reports deemed to have been furnished and not filed in accordance with the rules of the Commission); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The description of the Company's common stock contained in the Company's Current Report on [Form 8-K](https://www.sec.gov/Archives/edgar/data/1854963/000149315222027592/form8-k.htm), filed with the Commission on October 4, 2022, including any subsequent amendments or reports filed for the purpose of updating such description.

All documents filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the effective date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold, will be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; provided, however, that documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference in this Registration Statement.

Any statement contained in any document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or therein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein or therein modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except as modified or superseded, to constitute a part of this Registration Statement.

**Item 8.** **Exhibits.**

---

| | |
|:---|:---|
| 5.1\* | [Opinion of Duane Morris LLP.](ex5-1.htm) |
| 10.1 | [SHF Holdings, Inc. Amended and Restated – 2022 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 of the Registration Statement on Form S-8 (File No. 333-276311), filed by SHF Holdings, Inc. under the Exchange Act on December 29, 2023).](https://www.sec.gov/Archives/edgar/data/1854963/000149315223046526/ex99-1.htm) |
| 10.2 | [SHF Holdings, Inc. Amendment to Amended and Restated – 2022 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Current Report on Form 8-K filed by SHF Holdings, Inc. under the Exchange Act on July 11, 2025).](https://www.sec.gov/Archives/edgar/data/1854963/000164117225018749/ex10-1.htm) |
| 23.1\* | [Consent of Duane Morris LLP (contained in opinion filed as Exhibit 5.1 to this Registration Statement).](ex5-1.htm) |
| 23.2\* | [Consent of Marcum LLP, independent registered public accounting firm.](ex23-2.htm) |
| 24.1\* | [Power of Attorney (included on the signature page to this Registration Statement).](#poa_001) |
| 107.1\* | [Calculation of Filing Fee Table.](ex107.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8 and has duly caused this Registration Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Golden, State of Colorado, on October 31, 2025.

---

| | |
|:---|:---|
| **SHF HOLDINGS, INC.** | **SHF HOLDINGS, INC.** |
| By: | */s/ Terrance Mendez* |
|  | Terrance Mendez |
|  | Chief Executive Officer, Interim Chief Financial Officer |
|  | (Duly Authorized Representative) |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Terrance Mendez as his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to (i) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii) act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (iv) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| Signatures | Title | Date |
| /s/ *Terrance Mendez* | Chief Executive Officer, Interim Chief Financial Officer, Director | October 31, 2025 |
| Terrance Mendez | (Principal Financial Officer) |  |
| /s/ *Douglas Beck* | Principal Accounting Officer, Senior Vice President of Finance | October 31, 2025 |
| Douglas Beck | (Principal Accounting Officer) |  |
| /s/ *Sundie Seefried* | Director | October 31, 2025 |
| Sundie Seefried |  |  |
| /s/ *Jonathon F. Niehaus* | Director | October 31, 2025 |
| Jonathon F. Niehaus |  |  |
| /s/ *Francis A. Braun III* | Director | October 31, 2025 |
| Francis A. Braun III |  |  |
| /s/ *Richard Carleton* | Director | October 31, 2025 |
| Richard Carleton |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

Duane Morris LLP

22 Vanderbilt 335 Madison Avenue, 23<sup>rd</sup> Floor

New York, NY 10017-4669

PHONE: 212.692.1000 FAX: 212.692.1020

October 31, 2025

SHF Holdings, Inc.

1526 Cole Blvd., Suite 250

Golden, Colorado 80401

Re: Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as special counsel to SHF Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the preparation of a registration statement on Form S-8 (the "<u>Registration Statement</u>") for filing with the U.S. Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the "<u>Act</u>"), for the registration by the Company of 424,891 shares (the "<u>Shares</u>") of the Company's Class A common stock, par value $0.0001 per share, which Shares are reserved, or which may be reserved, for issuance pursuant to the Amendment to the SHF Holdings, Inc. Amended and Restated – 2022 Equity Incentive Plan (as amended and/or restated from time to time, the "<u>Plan</u>"). This opinion letter is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement, other than as expressly stated herein with respect to the issuance of the Shares.

In connection with the opinion set forth in this opinion letter, we have examined the Registration Statement, originals, or copies certified or otherwise identified to our satisfaction, of the Plan, the Second Amended and Restated Certificate of Incorporation of the Company, as amended, the Bylaws of the Company, and such other documents, records and other instruments as we have deemed appropriate for purposes of the opinion set forth herein. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters.

We have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of the documents submitted to us as originals, the conformity with the originals of all documents submitted to us as certified, facsimile, photostatic or other copies and the authenticity of the originals of all documents submitted to us as copies.

Subject to the limitations set forth below, we have made such examination of law as we have deemed necessary for the purpose of this opinion letter. This opinion letter is limited solely to the federal laws of the United States and the Delaware General Corporation Law as in effect on the date hereof, and no opinion is expressed with respect to such laws as subsequently amended, or any other laws, or any effect that such amended or other laws may have on the opinion expressed herein.

SHF Holdings, Inc.

October 31, 2025

Based upon the foregoing, we are of the opinion that the Shares, when issued and sold in accordance with the provisions of the Plan and relevant agreements duly authorized by and in accordance with the terms of the Plan, and the Registration Statement and the related prospectus, will be legally issued, fully paid and non-assessable.

The opinion expressed herein is limited to the matters stated herein and no opinion is implied or may be inferred beyond the matters expressly stated herein. The opinion expressed herein is given as of the date hereof, and we undertake no obligation to advise you of any changes in applicable laws after the date hereof or of any facts that might change the opinion expressed herein that we may become aware of after the date hereof.

We hereby consent to the use of this opinion letter as Exhibit 5.1 to the Registration Statement to be filed by the Company on or about the date hereof. In giving the opinion herein set forth, we do not hereby admit that we are acting within the category of persons whose consent is required under Section 7 of the Act or the rules or regulations of the U.S. Securities and Exchange Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Duane Morris LLP |

---

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated April 10, 2025 with respect to the financial statements of SHF Holdings, Inc. for the year ended December 31, 2024 included in the Annual Report, Amendment No. 1 to Form 10-K/A.

/s/ Marcum LLP

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**FILING FEE TABLE**

**Calculation of Filing Fee Table**

**Form S-8**

(Form Type)

**SHF Holdings, Inc.**

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security <br>Type | Security <br>Class Title | Fee <br>Calculation <br>Rule | Amount to be<br> Registered<sup>(1)</sup> | Proposed<br> Maximum<br> Aggregate<br> Offering<br> Price Per<br> Share<sup>(2)</sup> | Maximum <br>Aggregate <br>Offering Price |  | Fee Rate | Amount of <br>Registration <br>Fee |
| Equity | Common stock, $0.0001 par value per share | 457(c) and <br>457(h) | 424891<sup>(3)</sup> | $2.74 | $1164201.34 | 0.0001381 |  | $160.78 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $1164201.34 |  |  | $160.78 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  | $0.00 |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  |  | $160.78 |

---

(1) Pursuant
 to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form
 S-8 shall also cover any additional shares of common stock, par value $0.0001 per share (the "Common Stock"), of SHF
 Holdings, Inc. (the "Company") that may be offered or issued pursuant to the Amendment to the SHF Holdings, Inc. Amended
 and Restated – 2022 Equity Incentive Plan (as amended and/or restated from time to time, the "Plan") by reason
 of any stock dividend, stock split, recapitalization or any other similar transaction.

(2) Estimated
 solely for the purpose of calculating the registration fee and computed pursuant to Rule 457(c) and 457(h) under the Securities Act,
 based upon the average of the high and low prices of the Company's Common Stock on The Nasdaq Stock Market on October 30,
 2025, which was $2.74.

(3) Represents
 additional shares of Common Stock authorized for issuance under the Plan.

N/A