Company: FLDDW
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006075
Chunk: 244

Company: Fold Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 244
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 million, respectively. No company used in the Selected Publicly Traded Companies analysis is identical to Fold. In evaluating the Selected Publicly Traded Companies, 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 public trading value of the Selected Publicly Traded Companies to which Fold is being compared. Analysis of Selected Precedent Transactions As part of its financial analyses, Northland reviewed publicly available financial data, ratios and multiples for certain transactions that closed between January 1, 2020 and the date of the opinion, involving companies within the technology industry, where 100% ownership of the target company was sought or sold, that Northland determined, based on its professional judgment, to be similar to Fold in one or more respects, including (but not limited to) the nature of the business, size, diversification, geographic locations, growth rates, and financial performance, for purposes of this analysis, including the following seven transactions (collectively, the “Selected Precedent Transactions”):

| Transaction Closing Date |     | Target                              |     | Buyer/Seller                         |
| March 2023               |     | EVO Payments, Inc.                  |     | Global Payments Inc.                 |
| March 2022               |     | Technisys S.A.                      |     | SoFi Technologies, Inc.              |
| January 2022             |     | Afterpay Limited                    |     | Block, 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