Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 44

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 44
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 though the funds available from the Trust Account and the number of Public Shares are substantially reduced as a result of redemptions by Public Stockholders. Also, with fewer Public Shares and Public Stockholders, the trading markets for Emerald Class A Common Stock following the closing of the Business Combination may be less liquid than the market for Emerald Class A Common Stock was prior to the Business Combination and New Fold may not be able to meet the listing standards of a national securities exchange, including Nasdaq. In addition, with fewer funds available from the Trust Account, the capital infusion from the Trust Account into New Fold’s business will be reduced and New Fold may not be able to achieve its business plans. In addition, without additional funds from a PIPE transaction in connection with the closing of the Business Combination, it is possible that a maximum redemption scenario would result in a cash deficit, in which event the parties would need to find additional sources of funding in order for the Business Combination to become effective. 16

The table below presents the Trust Account value per share to a Public Stockholder that elects not to redeem its shares across a range of varying redemption scenarios.

|                                                                          |     | As of         
 September 30, 
 2024          |            |
|:-------------------------------------------------------------------------|:----|:--------------|-----------:|
| Trust Account Value                                                      |     | $             | 51,996,271 |
| Total shares of Redeemable Emerald Class A Common Stock                  |     |               |  4,757,884 |
| Trust Account Value per share of Redeemable Emerald Class A Common Stock |     | $             |      10.93 |

|                                                          |     | Assuming       
 Minimum        
 Redemptions(1) |            |     | Assuming    
 25%         
 Redemptions |            |     | Assuming       
 Maximum        
 Redemptions(2) |            |
|:---------------------------------------------------------|:----|:---------------|-----------:|:----|:------------|-----------:|:----|:---------------|-----------:|
| Redemptions ($)(3)                                       |     | $              |          — |     | $           | 13,106,519 |     | $              | 39,384,524 |
| Redemptions (Shares)                                     |     |                |          — |     |             |  1,189,471 |     |                |  3,574,309 |
| Cash left in the Trust Account post redemptions          |     | $