Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 298

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 298
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 large stockholders. In reaching this conclusion, the Emerald Board was cognizant of the potential for certain stockholders to hold a substantial beneficial ownership of New Fold Common Stock following the Business Combination. We further believe that going forward, a supermajority voting requirement encourages the person seeking control of New Fold to negotiate with the board of directors to reach terms that are appropriate for all stockholders. •The additional changes to the Existing Charter (Proposal 3D), including the name change from “FTAC Emerald Acquisition Corp.” to Fold Holdings, Inc. are necessary to adequately address the needs of New Fold following the Closing. The elimination of certain provisions related to Emerald’s status as a blank check company is desirable because these provisions will serve no purpose following the Business Combination. For example, these proposed amendments remove the requirement to dissolve Emerald and allow New Fold to continue as a corporate entity with perpetual existence following consummation of the Business Combination. Perpetual existence is the usual period of existence for corporations and the Emerald Board believes it is the most appropriate period following the Business Combination. In addition, certain other provisions in the Existing Charter require that proceeds from Emerald’s IPO be held in the Trust Account until a business combination or liquidation of Emerald has occurred. These provisions cease to apply once the Business Combination is consummated. Vote Required for Approval The Advisory Organizational Documents Proposals are conditioned on the approval of the Business Combination Proposal and the Nasdaq Proposal at the special meeting. The affirmative vote (in person online or by proxy) of a majority of votes cast at the special meeting is required to approve each of the Advisory Organizational Documents Proposals. Failure to vote by proxy or to vote in person online at the special meeting, an abstention from voting or a broker non -votewill have no effect on the outcome of the vote on any such Advisory Organizational Documents Proposal. As discussed above, the Advisory Organizational Documents Proposals are advisory votes and therefor are not binding on Emerald or the Emerald Board. Furthermore, the Business Combination is not conditioned on the separate approval of the Advisory Organizational Documents Proposals (separate and apart from approval of the Organizational Documents Proposal). Accordingly, regardless of the outcome of the non -bindingadvisory votes on the Advisory Organizational Documents Proposals, Emerald intends that the Proposed Charter will take effect upon consummation of the Business Combination (assuming approval of the Organizational Documents Proposal). Recommendation of the Emerald Board THE EMERALD BOARD UNANIMOUSLY RECOMMENDS THAT STOCKH