Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 228

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 228
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 opportunities. As part of this process, representatives of Emerald considered and evaluated over 100 potential acquisition targets in a variety of sectors, signed 30 non -disclosureagreements in addition to the non -disclosureagreement entered into with Fold (each of which contained customary terms regarding disclosure of confidential information but did not contain any standstill, exclusivity or similarly restrictive provisions), and evaluated illustrative transaction structures to effect a potential business combination with nine of such potential acquisition targets in addition to Fold. In connection with such evaluation, representatives of Emerald had discussions regarding potential transaction structures with the members of management and/or the boards of directors of certain of these potential acquisition targets, and representatives of Emerald submitted a non -bindingletter of intent to six acquisition targets (other than Fold). In March of 2023, Emerald entered into a non -bindingletter of intent with one such target in the renewable energy sector, but ultimately Emerald did not further pursue a potential transaction with 133 such target because Emerald and such target could not come to an agreement on various terms, including valuation. In January of 2024, Emerald entered into a non -bindingletter of intent with another target in the renewable energy infrastructure sector, but ultimately Emerald did not further pursue a potential transaction with such target because Emerald and such target could not come to an agreement on various terms, including as to transaction structure and timing. In May of 2024, Andrew Hohns, an Emerald director and the founder of Battery Finance, Inc. (“Battery Finance”) introduced Mr. Young and Ms. Abrams to Jonathan Kirkwood, managing partner of Ten31 LLC, an existing investor in each of Battery Finance and Fold, to discuss one or more prospective targets in Ten31 LLC’s portfolio that could be of interest to Emerald, including Fold. Following such discussion, Dr. Kirkwood, Dr. Hohns, Ms. Abrams, Mr. Jagota and Will Reeves, Chief Executive Officer of Fold, met at Emerald’s offices in Philadelphia, PA to discuss Fold’s business, strategy, capital needs and potential opportunities for growth, with Mr. Young joining such meeting telephonically. On or about such date, Emerald began its formal due diligence investigation of Fold, with representatives of Emerald receiving access to a data room established by Fold. From May 2024 until the announcement of the transaction, Emerald continued to perform due diligence on Fold, with Mr. Young and Ms. Abrams overseeing the process and in -depthdiscussions with Fold’s senior management, including Mr.Reeves, regarding certain