Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 246

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 246
---
 Inc.                          |
| May 2021                 |     | Itiviti AB                          |     | Broadridge Financial Solutions, Inc. |
| October 2020             |     | RetailMeNot, Inc.                   |     | Ziff Davis, Inc.                     |
| May 2020                 |     | Galileo Financial Technologies, LLC |     | SoFi Technologies, Inc.              |
| January 2020             |     | Honey Science Corporation           |     | PayPal Holdings, Inc.                |

Northland reviewed transaction values in the Selected Precedent Transactions, based on the consideration paid in such transactions, as multiples of the target company’s most recent publicly reported LTM revenue, available as of the closing date of the relevant transaction. Financial data of the Selected Precedent Transactions were based on public filings and other publicly available information. Financial data for Fold was based on historical financials provided by Emerald’s management, Fold and their advisors. The overall low to high LTM revenue multiples observed for the Selected Precedent Transactions were 7.9x to 20.0x (with a mean of 12.3x and a median of 12.0x). Northland then applied the low to high of the LTM revenue multiples derived from the Selected Precedent Transactions to corresponding data of Fold using Fold’s LTM revenues. This analysis indicated an approximate implied aggregate enterprise value reference range for Emerald of $183 million to $466 million. No transaction used in the Selected Precedent Transactions analysis is identical to the Merger. In evaluating the Selected Precedent Transactions, Northland made judgments and assumptions based on its experience and professional judgment concerning differences between the business, financial and operating characteristics of Fold and with respect to industry performance, general business, economic, market and financial conditions and other matters which are beyond Emerald’s and Fold’s control. These include, among other things, the impact of competition on the business of Fold or its industry generally, industry growth and the absence of any adverse material change in Fold’s financial condition and prospects or those of Fold or its industry or the financial markets in general, which could affect the aggregate value and enterprise value of the Selected Precedent Transactions to which the Merger is being compared.

143

Miscellaneous The preparation of a fairness opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a fairness opinion is not readily susceptible to summary description.