Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 7

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 7
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”) entered into a subscription agreement (the “Subscription Agreement”) with Polar Multi -StrategyMaster Fund (“Polar”) to cover working capital requirements of Emerald. Pursuant to the terms and subject to the conditions of the Subscription Agreement, Polar agreed to contribute up to $550,000 to ESG Funding (the “Polar Contribution”), which amount was contributed in full as of April 2024. The Polar Contribution shall be repaid upon Emerald’s closing of an initial business combination. The Polar Contribution is non -interestbearing and shall be repaid to, and at the election of, Polar (i) in shares of Emerald Class A Common Stock, at a rate of 1.0 share of for each ten dollars ($10.00) of the Polar Contribution funded as of the Closing or (ii) in cash. In consideration of the Polar Contribution, and in addition to the repayment of the Polar Contribution in shares or cash (as described above), Emerald agreed to issue 1.0 share of Emerald Class A Common Stock for each dollar of the Polar Contribution funded as of or prior to the closing of the initial business combination, which shares shall be subject to no transfer restrictions or any other lock -upprovisions, earn outs, or other contingencies. Upon certain events of default under Polar’s subscription agreement, Emerald agreed issue to Polar 0.1 shares of Emerald Class A Common Stock for each dollar of the Polar Contribution funded as of the date of such default, and for each month thereafter until such default is cured, subject to certain limitations provided for therein. At September 30, 2024, $550,000 had been funded pursuant to the Polar Contribution, gross of the discount, under the Subscription Agreement. Assuming Polar elects to settle the Polar Contribution in cash and no events of default under the Subscription Agreement, Polar will receive 550,000shares of Emerald Class A Common Stock and $550,000 in cash in connection with the Closing. On October25, 2024, Emerald issued a promissory note (the “October Note”) to Frontier SPV, LLC (“Frontier”), an affiliate of the Sponsor. Pursuant to the October Note, Frontier agreed to loan Emerald up to an aggregate principal amount of $2,000,000. The October Note is non -interestbearing and all outstanding amounts under the October Note will be due on the date on which Emerald consummates a business combination. If Emerald does not consummate a business combination, Emerald may use a portion of any funds held outside the Trust