Company: FLDDW
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006075
Chunk: 242

Company: Fold Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 242
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 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 Northland determined, based on its professional judgment, to be similar to Fold in one or more respects, including (but not limited to) the nature of the business, size, diversification, geographic locations, growth rates, and financial performance, for purposes of this analysis, including the following seven companies (collectively, the “ Selected Publicly Traded Companies”): •Affirm Holdings, Inc. •Coinbase Global, Inc. •Ibotta, Inc. •Marqeta, Inc. •Nu Holdings Ltd. •Robinhood Markets, Inc. •SoFi Technologies, Inc. Financial data of the Selected Publicly Traded Companies was based on publicly available information, including information from public filings, third party equity research reports and publicly available research analysts’ estimates and forward -lookingmetrics (such estimates and metrics based on information available via S&P Capital IQ). Northland reviewed data, including implied market capitalization, implied Enterprise Value (“EV”), EV/revenue (including total debt, preferred equity, and non -controllinginterests (as applicable) less cash and cash equivalents, as multiples of such companies’ last twelve months (“LTM”) actual revenue and estimated calendar year 2024 and calendar year 2025 revenue), and growth adjusted EV/revenue, which is calculated as enterprise value divided by NTM revenue divided by NTM revenue growth rate (as a multiple of such companies’ next twelve months (“NTM”) projected revenue). The projected revenue growth rates for the Selected Publicly Traded Companies were based on equity research analyst consensus estimates for the period ending twelve months forward from each comparable company’s most recent financial reporting period. The multiples for each of the above -mentionedfinancial metrics for each of the Selected Publicly Traded Companies were calculated using their respective closing prices on July 23, 2024 and were based on the most recent publicly available information and information available via S&P Capital IQ on that date. Financial data for Fold used to compare to the Selected Publicly Traded Companies was based on estimates provided by Emerald management, Fold and their advisors and historical financial results were provided by Emerald management, Fold and their advisors. Based on its professional judgement and experience, Northland applied a 20%