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Fold Holdings Inc. (FLD+20.45%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's recent developments, including the completion of its business combination with Fold, Inc. on February 14, 2025. This merger resulted in the reclassification of Class A common stock as common stock.
As of December 31, 2024, Fold Holdings reported a net loss of $1,868,532 for the year. This was primarily due to general and administrative expenses of $2,920,423 and a non-redemption agreement expense of $838,825.
The company generated interest income of $2,953,920 from investments held in the Trust Account. This income was offset by a provision for income tax of $628,508 and interest expense of $434,696.
Fold Holdings completed its initial public offering on December 20, 2021, raising gross proceeds of $248,693,420. The company also conducted a private placement, generating an additional $9,760,810.
Following the public offering, funds were placed in a Trust Account and invested in U.S. government securities or money market funds. As of December 31, 2024, the company had $51,289,643 in cash, investments, and marketable securities held in the Trust Account.
The company faced redemptions of shares in connection with several stockholder meetings held to extend the date by which it had to consummate its initial business combination.
Fold Holdings has no off-balance sheet arrangements and has entered into an administrative services agreement with its sponsor for office space and administrative support.
The filing also discusses the company's strategy for maintaining financial flexibility, including potential working capital loans from its sponsor or affiliates.
Fold Holdings operates in a highly regulated environment and is subject to various federal and state laws, including those related to financial services, consumer protection, and data privacy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fold Holdings Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.