Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 244

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 244
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 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 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