Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 246

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 246
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aded Companies had EV/LTM revenue multiples ranging from a low of 1.8x to a high of 13.5x. The mean EV/LTM revenue multiple was 5.7x and the median EV/LTM revenue multiple was 5.1x; • EV/calendar year 2024 estimated revenue multiples:The Selected Publicly Traded Companies had EV/calendar year 2024 estimated revenue multiples ranging from a low of 2.0x to a high of 9.3x. The mean EV/calendar year 2024 estimated revenue multiple was 4.6x and the median EV/calendar year 2024 estimated revenue multiple was 4.5x; • EV/calendar year 2025 estimated revenue multiples:The Selected Publicly Traded Companies had EV/calendar year 2025 estimated revenue multiples ranging from a low of 1.6x to a high of 8.9x. The mean EV/calendar year 2025 estimated revenue multiple was 4.1x and the median EV/calendar year 2025 estimated revenue multiple was 3.7x; • Growth adjusted EV/NTM estimated revenue:The Selected Publicly Traded Companies had growth adjusted EV/NTM estimated revenue ranging from a low of 0.1x to a high of 0.3x. The mean growth adjusted EV/NTM estimated revenue was 0.2x and the median growth adjusted EV/NTM estimated revenue was 0.2x; 142

Northland then applied the low to high LTM revenue, calendar year estimated 2024 revenue, calendar year 2025 estimated revenue, and NTM growth adjusted revenue multiples described above derived from the Selected Publicly Traded Companies to the corresponding data of Fold. This analysis indicated approximate aggregate implied enterprise value reference ranges for Fold of approximately $41 million to $314 million, $54 million to $251 million, $117 million to $649 million, and $504 million to $960 million based on LTM revenue, calendar year estimated 2024 revenue, calendar year estimated 2025 revenue, and NTM estimated revenue of approximately $23 million, $27 million, $73 million and $42 million, respectively. No company used in the Selected Publicly Traded Companies analysis is identical to Fold. In evaluating the Selected Publicly Traded Companies, Northland made judgments and assumptions based on its experience and professional judgment concerning differences between the business, financial and operating characteristics of Fold and with respect to industry performance, general business,