Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 245

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 245
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 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 companies (collectively, the “ Selected Publicly Traded Companies”): •Affirm Holdings, Inc. •Coinbase Global, Inc. •Ibotta, Inc. •Marqeta, Inc. •Nu Holdings Ltd. •Robinhood Markets, Inc. •SoFi Technologies, Inc. Financial data of the Selected Publicly Traded Companies was based on publicly available information, including information from public filings, third party equity research reports and publicly available research analysts’ estimates and forward -lookingmetrics (such estimates and metrics based on information available via S&P Capital IQ). Northland reviewed data, including implied market capitalization, implied Enterprise Value (“EV”), EV/revenue (including total debt, preferred equity, and non -controllinginterests (as applicable) less cash and cash equivalents, as multiples of such companies’ last twelve months (“LTM”) actual revenue and estimated calendar year 2024 and calendar year 2025 revenue), and growth adjusted EV/revenue, which is calculated as enterprise value divided by NTM revenue divided by NTM revenue growth rate (as a multiple of such companies’ next twelve months (“NTM”) projected revenue). The projected revenue growth rates for the Selected Publicly Traded Companies were based on equity research analyst consensus estimates for the period ending twelve months forward from each comparable company’s most recent financial reporting period. The multiples for each of the above -mentionedfinancial metrics for each of the Selected Publicly Traded Companies were calculated using their respective closing prices on July 23, 2024 and were based on the most recent publicly available information and information available via S&P Capital IQ on that date. Financial data for Fold used to compare to the Selected Publicly Traded Companies was based on estimates provided by Emerald management, Fold and their advisors and historical financial results were provided by Emerald management, Fold and their advisors. Based on its professional judgement and experience, Northland applied a 20% 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 Tr