Company: FLDDW
Filing Date: 2025-04-01
Form Type: S-1
Source: 0001213900-25-026537
Chunk: 110

Company: Fold Holdings, Inc.
Filing Date: 2025-04-01
Form: S-1
Chunk 110
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 period presented. These adjustments are described in the accompanying notes and are based on available information and certain assumptions we believe are reasonable but are subject to change. Emerald and Fold are collectively referred to herein as the “Companies,” and the Companies, subsequent to the Business Combination and the Transactions, are referred to herein as “New Fold”. The Business Combination will be accounted for as a reverse recapitalization because Fold has been determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations(“ASC 805”). The determination is primarily based on the evaluation of the following facts and circumstances taking into consideration:

| ● | the pre-combination equityholders of Fold will hold the majority of voting rights in New Fold; |

| ● | the pre-combination equityholders of Fold will have the right to appoint the majority of the directors 
 on the New Fold Board;                                                                                 |

| ● | the senior management of Fold will comprise the senior management of New Fold; and |

| ● | the operations of Fold will comprise the ongoing operations of New Fold. |

Under the reverse recapitalization model, the Business Combination will be treated as Fold issuing equity for the net assets of Emerald, with no goodwill or intangible assets recorded. The following summarizes the pro forma New Fold Common Shares outstanding after redemptions:

|                                                                   |     | Combined Pro Forma |            |     |   |     |   |
|                                                                   |     | Shares             |            |     | % |     |   |
| Emerald Public Shareholders (1)                                   |     |                    |  1,341,633 |     |   |   3 | % |
| Sponsor Held Emerald Public Shares Not Subject to Restriction (2) |     |                    |  4,723,581 |     |   |  10 | % |
| Sponsor Held Emerald Restricted Shares                            |     |                    |  4,867,641 |     |   |  11 | % |
| Total Sponsor Held Emerald Shares                                 |     |                    |  9,591,222 |     |   |  21 | % |
| Total Emerald Shares                                              |     |                    | 10,932,855 |     |   |  24 | % |
| Fold Shares (3)                                                   |     |                    | 35,206,021 |     |   |  76 | % |
| Total Shares at Closing                                           |     |                    | 46,138,876