Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 211

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 211
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 unaudited pro forma condensed combined information contained herein assumes that Emerald’s shareholders approve the Business Combination. Emerald’s public shareholders may elect to redeem their public shares for cash even if they approve the Business Combination. Emerald cannot predict how many of its public shareholders will exercise their right to have their Class A common stock redeemed for cash. As a result, Emerald has elected to provide the unaudited pro forma condensed combined financial information under three different redemption scenarios, which produce different allocations of total New Fold equity between holders of the common shares. The unaudited pro forma condensed combined financial information has been prepared using the assumptions below with respect to the potential redemption of Emerald Class A Common Stock into cash: • Assuming Minimum Redemptions:This presentation assumes that no Emerald shareholders exercise redemption rights with respect to their public shares in addition to any redemptions that have occurred subsequent to September30, 2024. • Assuming 25% Redemptions:This scenario assumes that 1.2 million Class A common shares are redeemed for an aggregate redemption payment of approximately $13.1 million. • Assuming Maximum Redemptions:This scenario assumes that 3.6 million Class A common shares are redeemed for an aggregate redemption payment of approximately $39.4 million. This maximum redemption scenario is based on the maximum number of redemptions which may occur but which would still provide the minimum aggregate net tangible assets defined as total assets less intangible assets and liabilities of $5.0 million subsequent to the Business Combination. 120

The following summarizes the pro forma New Fold Common Shares outstanding under the minimum redemption, 25% redemption and maximum redemption scenarios:

|                                                                  |     |   Assuming 
    Minimum 
 Redemption |     |     |   |     |   Assuming 
        25% 
 Redemption |     |     |   |     |   Assuming 
    Maximum 
 Redemption |     |     |   |
|                                                                  |     |     Shares |     |   % |   |     |     Shares |     |   % |   |     |     Shares |     |   % |   |
| Emerald Public Shareholders(1)                                   |     |  4,645,816 |     |  10 | % |     |  3,456,345 |     |   7 | % |     |  1,071,507 |     |   2 | % |
| Sponsor Held Emerald Public Shares Not Subject to Restriction(2) |     |  4,273,581 |