Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 779

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 779
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 and maintain the independence of our research department and personnel. Our research analysts may hold opinions, make statements or recommendations, or publish research reports regarding the Company or the Merger and other participants in the Merger that differ from the views of our investment banking personnel. The Opinions are furnished under our engagement letter dated July 19, 2024 (the “ Engagement Letter ”) and are directed to the Board of Directors of EMLD (the “ Board ”) in connection with its consideration of the Merger. The Opinions are furnished solely to be used by the Board as only one input to consider in its process of analyzing the Merger and is not intended to be and does not constitute a recommendation to any member of the Board or any stockholder of EMLD as to how such director or stockholder should act or vote regarding the Merger or any other matter. Notwithstanding the foregoing, the Board may rely upon the Opinions. The Opinions delivered to the Board are subject to the conditions, scope of engagement, limitations, and understandings in this letter and in the Engagement Letter. The Opinions address solely the fairness, from a financial point of view, to EMLD of the consideration paid by EMLD to the equityholders of the Company pursuant to the Merger Agreement and the aggregate fair market value of the Company. We were not requested to opine as to, and the Opinions do not address, the basic business decision of the Board, EMLD, or its stockholders to proceed with or effect the Merger, or any solvency or fraudulent conveyance consideration relating to the Merger. We express no opinion as to the relative merits of the Merger as compared to any alternative business strategies or transactions that might exist for EMLD or any other party or the effect of any other transaction in which EMLD or any other party might engage. We express no opinion as to the amount, nature or fairness of any consideration or compensation to be received in or because of the Merger by securityholders, officers, directors, or employees of the Company, or any other class of such persons, or relative to or in comparison with the consideration to be paid by EMLD to the equityholders of the Company pursuant to the Merger Agreement. We have not been asked to consider, and the Opinions do not address, the solvency or viability of EMLD to pay its obligations when they come due. We are not rendering any financial, legal, accounting, or other advice and