Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 231

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 231
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 agreements, after which the definitive agreements could be terminated by either of Fold or Emerald. On June 24, 2024, Emerald and Fold executed the LOI. On June30, 2024, CCM provided to Fold an outline of proposed terms of engagement in respect of the transactions. Following which Fold determined to engage CCM and began negotiating the terms of an engagement letter, which was formally executed on July24, 2024. On June 27, 2024, Ms. Abrams and Mr. Jagota contacted Jeff Peterson of Northland Securities to discuss Northland Securities potentially providing a fairness opinion for the transaction. That same day, Emerald conducted a preliminary call with its board of directors to review the LOI and the Fold business. All directors were present on the call, as were Mr. Young, Ms. Abrams, and Mr. Jagota. On June 28, 2024, representatives of Latham & Watkins LLP, counsel to Fold (“Latham”), and Stevens & Lee P.C., counsel to Emerald (“Stevens and Lee”), and Mr. Jagota held a teleconference to discuss transaction documentation and structure. Between June 28, 2024 and announcement of the transaction, the parties engaged in numerous diligence calls and virtual conferences. Such meetings involved various topics, including (i) financial diligence and review of Fold’s financial information with Mr.Reeves, Wolfe Repass, Fold’s Chief Financial Officer, and representatives of CCM, (ii) risk management due diligence with Mr. Reeves, Nicolleta Goncalves, Fold’s Vice President of Risk and Compliance, Thomas Dickman, Fold’s Chief Technology Officer, and CCM, (iii) product pipeline due diligence with Mr. Reeves, Ammaarah Khan, Fold’s Senior Product Manager, and CCM, (iv) diligence with certain key service providers of Fold, including services with respect to Bitcoin custody, money transmission, credit card program management, KYC, onboarding, compliance and fraud prevention, (v) diligence with Visa, which is the applicable payment network for Fold’s debit card program, and (vi) legal diligence with Stevens and Lee, Latham, CCM and applicable representatives of Fold. Representatives of Emerald were present at each diligence session. On July 7, 2024, Stevens and Lee circulated the initial draft of the Merger Agreement to Latham. Between July7, 2024 and July24, 2024, Stevens and Lee and Latham exchanged revised drafts of the Merger Agreement