Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 244

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 244
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 not have any obligation to update, revise or reaffirm its opinion. Northland’s opinion was approved by the Northland Fairness Opinion Committee. Northland’s fairness opinion described below was rendered to the Emerald Board on July 23, 2024 and was based on financial information, including the original Fold projections (defined below), provided to Northland prior to the issuance of its fairness opinion. Northland takes no position regarding the fairness, from a financial point of view, to Emerald of the consideration paid by Emerald to the equityholders of Fold pursuant to the Merger Agreement following the revisions to the original Fold projections, as described below in “— Certain Unaudited Fold Prospective Financial Information”. Pursuant to its fairness opinion, Northland expressly disclaimed any undertaking or obligation to reaffirm or revise the opinion or otherwise comment upon any events after the date of the opinion and has no obligation to update, revise, or reaffirm the opinion, including as a result of the updated Fold projections (defined below). Financial Analyses The following is a summary of the material financial analyses performed by Northland in arriving at its opinion. Northland’s opinion letter was only one of many factors considered by the Emerald Board in evaluating the Merger. Neither Northland’s opinion nor its financial analyses were determinative of the terms of the Merger or of the views of the Emerald Board or Emerald management with respect to the Merger. None of the analyses performed by Northland were necessarily assigned a greater significance by Northland than any other, nor does the order of analyses described represent relative importance or weight given to those analyses by Northland. The summary text describing each financial analysis does not purport to constitute a complete description of Northland’s financial analyses, including the methodologies and assumptions underlying the analyses, and, if viewed in isolation, could create a misleading or incomplete view of the financial analyses performed by Northland. The summary text set forth below does not represent and should not be viewed by anyone as constituting or purporting to constitute the conclusions reached by Northland with respect to any of the analyses performed by it in connection with its opinion. As the Emerald Board was aware, Northland did not conduct a discounted cash flow analysis of Fold given, based on discussions with the management of Emerald, the unavailability of adequate long -termfinancial projections and estimates. 141 Analysis of Selected Publicly Traded Companies As part of its financial analyses, Northland reviewed and compared certain publicly available financial data, ratios and trading multiples for publicly traded companies within the technology industry that