Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 239

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 239
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 an aggregate fair market value equal to at least 80 percent of the balance of funds in Emerald’s Trust Account (excluding deferred underwriting commissions and taxes payable and subject to proportionate adjustments related to Nasdaq’s 80 percent test). In selecting Northland, the Emerald Board considered, among other things, Northland’s qualifications, expertise and reputation, as well as Northland’s knowledge of Emerald and Fold, the businesses of Emerald and Fold and the industries in which Emerald and Fold operate. On July 23, 2024, Northland rendered its oral opinion to the Emerald Board, which was subsequently confirmed in a letter dated July 23, 2024, stating that, as of the date of the letter and subject to and based on the assumptions made, procedures followed, matters considered, limitations of the review undertaken and qualifications in such letter, (i) the consideration paid by Emerald to the equityholders of Fold pursuant to the Merger Agreement is 139 fair, from a financial point of view, to Emerald, and (ii) that Fold has an aggregate fair market value equal to at least 80 percent of the balance of funds in Emerald’s Trust Account (excluding deferred underwriting commissions and taxes payable and subject to proportionate adjustments related to Nasdaq’s 80 percent test). The full text of Northland’s written opinion letter, dated July 23, 2024, is attached as Annex F to this proxy statement/prospectus. You should read Northland’s opinion letter carefully and in its entirety for a discussion of, among other things, the scope of the review undertaken and the assumptions made, procedures followed, matters considered and qualifications and limitations of the review undertaken by Northland in connection with its opinion. This summary is qualified in its entirety by reference to the full text of the opinion letter. Northland’s opinion letter was directed to the Emerald Board, in its capacity as the board of directors of Emerald, and addressed only (i) 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, and (ii) whether Fold has an aggregate fair market value equal to at least 80 percent of the balance of funds in Emerald’s Trust Account (excluding deferred underwriting commissions and taxes payable and subject to proportionate adjustments related to Nasdaq’s 80 percent test). The opinion letter does not constitute a recommendation as to how any Emerald Stockholder should vote with respect to the approval of the Merger or any other matter and does