Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 248

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 248
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 advisors. The overall low to high LTM revenue multiples observed for the Selected Precedent Transactions were 7.9x to 20.0x (with a mean of 12.3x and a median of 12.0x). Northland then applied the low to high of the LTM revenue multiples derived from the Selected Precedent Transactions to corresponding data of Fold using Fold’s LTM revenues. This analysis indicated an approximate implied aggregate enterprise value reference range for Emerald of $183 million to $466 million. No transaction used in the Selected Precedent Transactions analysis is identical to the Merger. In evaluating the Selected Precedent Transactions, 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, economic, market and financial conditions and other matters which are beyond Emerald’s and Fold’s control. These include, among other things, the impact of competition on the business of Fold or its industry generally, industry growth and the absence of any adverse material change in Fold’s financial condition and prospects or those of Fold or its industry or the financial markets in general, which could affect the aggregate value and enterprise value of the Selected Precedent Transactions to which the Merger is being compared.

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Miscellaneous The preparation of a fairness opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a fairness opinion is not readily susceptible to summary description. In arriving at its opinion, Northland did not draw, in isolation, conclusions from or with regard to any factor or analysis that it considered. Rather, Northland made its determination as to fairness on the basis of its experience and professional judgment after considering the results of all of the analyses. Emerald agreed to pay Northland a cash fee of $650,000, of which $50,000 was due immediately and $50,000 was due upon delivery of the fairness opinion and the remaining $550,000 is due at the Closing. In addition, Emerald has agreed to reimburse certain of Northland’s expenses related to its engagement and to indemnify Northland against certain liabilities that may arise from services provided in connection with rendering its opinion. Northland, as a customary part of its investment banking business, is continually engaged in performing financial analyses regarding businesses and their securities in connection with acquisitions, negotiated underwritings, competitive biddings, secondary distributions of