Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 779

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 779
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 (a) the representations and warranties of the parties to the Merger Agreement and all other related documents and instruments referred to therein are true and correct, (b) each party to the Merger Agreement and such other related documents and instruments will fully and timely perform all of the covenants and agreements required to be performed by such party and (c) all conditions to the consummation of the Merger will be satisfied without waiver thereof. In arriving at our Opinions, we have assumed, with your consent, all the regulatory approvals and consents required for the Merger to be consummated pursuant to the terms of the Merger Agreement will be obtained in a manner that will not adversely affect EMLD or the Company or materially alter the terms of the Merger. At your direction, we have assumed that all projections and estimates provide a reasonable basis on which to evaluate the Company and the Merger, and we have, at your direction, used and relied upon such projections and estimates for purposes of our analyses and in arriving at our Opinions. You and the Company have advised us that no projections or estimates will need to be revised or adjusted based on the final redemptions from the EMLD trust account. We express no view or opinion with respect to any projections or estimates or the assumptions on which they are based. For purposes of our financial analyses and our Opinions, with your consent, we (i) did not perform any financial analyses to evaluate the value of EMLD or to derive valuation references ranges for any shares of EMLD for purposes of comparison with the Aggregate Merger Consideration or otherwise, and (ii) have assumed that the value of each share of EMLD Class A Common Stock is the closing price of such stock on the Nasdaq Capital Market on July 23, 2024 and the value of each share of EMLD Class B Common Stock is equal to $10.00 per share, notwithstanding the different voting rights and other non-financial terms of such shares that could impact their value. Annex F-2 In arriving at our Opinions, we have performed no appraisals or valuations of any specific assets or liabilities (fixed, contingent, or other) of the Company, including any intellectual property for which the Company might receive royalty or licensing fees and any cryptocurrencies, and we have not been furnished with any such appraisals or valuations, and have made no physical inspection of the property or assets of the Company. We express no opinion regarding the liquidation value of