Company: FLDDW
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006075
Chunk: 243

Company: Fold Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 243
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 private company discount to the equity value of the Selected Publicly Traded Companies. The following summarizes the results of these analyses with respect to the financial results and metrics of the Selected Publicly Traded Companies after applying the discounted multiples as set forth above, including: • EV / LTM revenue multiples:The Selected Publicly Traded Companies had EV/LTM revenue multiples ranging from a low of 1.8x to a high of 13.5x. The mean EV/LTM revenue multiple was 5.7x and the median EV/LTM revenue multiple was 5.1x; • EV / calendar year 2024 estimated revenue multiples:The Selected Publicly Traded Companies had EV/calendar year 2024 estimated revenue multiples ranging from a low of 2.0x to a high of 9.3x. The mean EV/calendar year 2024 estimated revenue multiple was 4.6x and the median EV/calendar year 2024 estimated revenue multiple was 4.5x; • EV / calendar year 2025 estimated revenue multiples:The Selected Publicly Traded Companies had EV/calendar year 2025 estimated revenue multiples ranging from a low of 1.6x to a high of 8.9x. The mean EV/calendar year 2025 estimated revenue multiple was 4.1x and the median EV/calendar year 2025 estimated revenue multiple was 3.7x; • Growth adjusted EV / NTM estimated revenue:The Selected Publicly Traded Companies had growth adjusted EV/NTM estimated revenue ranging from a low of 0.1x to a high of 0.3x. The mean growth adjusted EV/NTM estimated revenue was 0.2x and the median growth adjusted EV/NTM estimated revenue was 0.2x; 142

Northland then applied the low to high LTM revenue, calendar year estimated 2024 revenue, calendar year 2025 estimated revenue, and NTM growth adjusted revenue multiples described above derived from the Selected Publicly Traded Companies to the corresponding data of Fold. This analysis indicated approximate aggregate implied enterprise value reference ranges for Fold of approximately $41 million to $314 million, $54 million to $251 million, $117 million to $649 million, and $504 million to $960 million based on LTM revenue, calendar year estimated 2024 revenue, calendar year estimated 2025 revenue, and NTM estimated revenue of approximately $23 million, $27 million, $73 million and $42