Company: FLDDW
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006075
Chunk: 426

Company: Fold Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 426
---
 Note is non -interestbearing and all outstanding amounts under the Promissory Note will be due on the date on which Emerald consummates a business combination. If Emerald does not consummate a business combination, it may use a portion of any funds held outside the Trust Account to repay the Promissory Note; however, no proceeds 269 from the Trust Account may be used for such repayment. If such funds are insufficient to repay the Promissory Note, the unpaid amounts would be forgiven. No portion of the amounts outstanding under the Promissory Note may be converted into units. As of September 30, 2024, there was $3,000,000 outstanding under the Promissory Note. On January 3, 2024, Emerald, the Sponsor and Emerald ESG Funding, LLC (“ESG Funding”) entered into a subscription agreement with 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, 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, 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 $