Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 229

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 229
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 aspects of Fold’s business. On June 3, 2024, Mr. Jagota provided Mr. Reeves with a letter of intent (the “LOI”) on behalf of Emerald and the Sponsor reflecting (i) a proposed valuation of Fold of approximately $200 million (noted as subject to ongoing diligence), (ii) a $20 -40million private financing to be funded simultaneously with the announcement of the transaction, (iii) primary proceeds, including an unspecified amount to be used to acquire bitcoin for the combined company’s treasury, (iv) a transaction structure to be agreed that would be acceptable to all parties based on legal, accounting, tax and other considerations and (v) a restructuring of the founder shares such that the founder shares held by the Sponsor would be divided into equal tranches and subject to a lock -upwith early release based on price triggers of $12.00, $12.00 and $14.00 until six months, one year and ten years following the Closing, respectively. On June 13, 2024, Mr. Reeves provided Ms. Abrams, Mr. Jagota and Mr. Young with a revised draft of the LOI, reflecting (i) a proposed valuation of Fold of $325 million, (ii) a $100 million private financing to be funded simultaneously with the announcement of the transaction, (iii) a restructuring of the founder shares increasing the early release price triggers for the one -yearand ten -yearlockup tranches to $14.00 and $15.00, respectively, and (iv) a minimum cash condition of $100 million, with the Sponsor to forfeit a certain number of founder shares pursuant to a formula if such minimum cash threshold was not met. On June 15, 2024, Emerald provided Fold with a revised draft of the LOI, reflecting (i) a $50 million private financing to be funded simultaneously with the announcement, with an additional fundraise to take place following the announcement, and (ii) deletion of the minimum cash condition and related Sponsor share forfeiture. On that same day, Mr.Reeves and Dr. Kirkwood held an introductory conference call with representatives of Cohen & Company Capital Markets (“CCM”) a division of J.V.B. Financial Group, LLC, regarding Fold’s possible engagement of CCM to act as its financial advisor in connection with the transaction. In connection with its IPO, Emerald retained CCM to act as Emerald’s financial advisor, and in September 2023, Emerald further engaged CCM