Company: FLDDW
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006075
Chunk: 238

Company: Fold Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 238
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 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 not in any manner indicate the price at which Emerald’s securities will trade at any time. In connection with reviewing the Merger and rendering its opinion, Northland has informed Emerald that, among other things, it has reviewed: i.the draft of the Merger Agreement, dated July 23, 2024; ii.certain documents filed by Emerald with the SEC, including the registration statement on Form S -1initially filed November 22, 2021, and amendments thereto, and the related Rule 424(b)(4) final prospectus filed with the SEC on December 17, 2021; iii.the Annual Report on