Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 231

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 231
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 six months, one year and ten years following the Closing, respectively. On June 13, 2024, Mr. Reeves provided Ms. Abrams, Mr. Jagota and Mr. Young with a revised draft of the LOI, reflecting (i) a proposed valuation of Fold of $325 million, (ii) a $100 million private financing to be funded simultaneously with the announcement of the transaction, (iii) a restructuring of the founder shares increasing the early release price triggers for the one -yearand ten -yearlockup tranches to $14.00 and $15.00, respectively, and (iv) a minimum cash condition of $100 million, with the Sponsor to forfeit a certain number of founder shares pursuant to a formula if such minimum cash threshold was not met. On June 15, 2024, Emerald provided Fold with a revised draft of the LOI, reflecting (i) a $50 million private financing to be funded simultaneously with the announcement, with an additional fundraise to take place following the announcement, and (ii) deletion of the minimum cash condition and related Sponsor share forfeiture. On that same day, Mr.Reeves and Dr. Kirkwood held an introductory conference call with representatives of Cohen & Company Capital Markets (“CCM”) a division of J.V.B. Financial Group, LLC, regarding Fold’s possible engagement of CCM to act as its financial advisor in connection with the transaction. In connection with its IPO, Emerald retained CCM to act as Emerald’s financial advisor, and in September 2023, Emerald further engaged CCM to act as Emerald’s (i) capital markets advisor in connection with seeking an extension for completing a business combination, (ii) capital markets advisor in connection with a business combination transaction, and (iii) placement agent in connection with a private placement of equity, equity -linked, convertible and/or debt securities or other capital or debt raising transaction in connection with a business combination transaction. Pursuant to Emerald’s engagement letters with CCM, CCM will be entitled to a minimum fee of $2,155,000 at the closing of Emerald’s business combination, which amount will be paid in addition to fees payable under Fold’s engagement of CCM in connection with the Business Combination. On June 18, 2024, Fold provided Emerald with a revised draft of the LOI, reflecting (i) a restructuring of the founder shares increasing the early release price triggers for the one -yearand ten -yearlockup tranches to $15.00