Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 777

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 777
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inions ”). In connection with our review of the Merger and in arriving at our Opinions, we have made such reviews, analyses, and inquiries as we have deemed necessary and appropriate under the circumstances. Among other things, we have reviewed: 1.the draft of the Merger Agreement, dated July 23, 2024; 2.certain documents filed by EMLD with the U.S. Securities and Exchange Commission (the “ SEC ”), including the registration statement on Form S-1 initially filed November 22, 2021, and amendments thereto, and the related Rule 424(b)(4) final prospectus filed with the SEC on December 17, 2021; 3.the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed by EMLD with the SEC pursuant to the U.S. Securities Exchange Act of 1934; 4.the Company’s projected financial statements for the calendar years ending December 31, 2024, and December 31, 2025 and for the twelve months ending June 30, 2025; 5.certain non-public financial and business information provided to us by EMLD, the Company, and their respective advisors; 6.certain internal financial information, estimates, and financial and operations forecasts for the Company, prepared by the management of the Company or EMLD; 7.certain press releases issued by EMLD and the Company; 8.certain industry and research reports relevant to the industry in which the Company operates; and 9.the reported historical price and trading activity for the securities of EMLD, compared to certain financial stock market information for EMLD with certain other publicly traded companies, and reviewed the financial terms of certain recent business combinations, and other studies and analyses we deemed appropriate. Annex F-1 We have spoken with certain members of the respective management teams of EMLD and the Company and certain of their respective representatives and advisors regarding the business, operations, financial condition and prospects of the Company, the Merger, and related matters. We participated in financial and business diligence calls with executive management of EMLD and the Company, regarding, among other things, certain financial projections prepared by EMLD and the Company, the business and financial results and outlook of the Company, and the Merger structure and background. We have also compared the financial and operating performance of the Company with that of companies with publicly traded equity securities that we deemed to be relevant.