Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 240

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 240
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 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 Form 10 -K, Quarterly Reports on Form 10 -Q, and other reports filed by Emerald with the SEC pursuant to the U.S. Securities Exchange Act of 1934; iv.Fold’s projected financial statements for the calendar years ending December 31, 2024 and December 31, 2025 and for the twelve months ending June 30, 2025; v.certain non -publicfinancial and business information provided to Northland by Emerald, Fold, and their respective advisors; vi.certain internal financial information, estimates, and financial and operations forecasts for Fold, prepared by the management of Fold and Emerald; vii.certain press releases issued by Emerald and Fold; viii.certain industry and research reports relevant to the industry in which Fold operates; and ix.(i) the reported historical price and trading activity for the securities of Emerald, (ii) certain financial stock market information for Emerald compared with certain other publicly traded companies, (iii) the financial terms of certain recent business combinations, and (iv) other studies and analyses it deemed appropriate. In addition, Northland held discussions with certain members of the management team of Emerald and Fold and certain of their respective advisors and representatives regarding the business, operations, financial condition and prospects of Fold, the Merger and related matters. Northland also participated in financial and business diligence calls with executive management of Emerald and Fold regarding, among other things, the business and financial results and outlook of Fold and the Merger structure and background. Northland also compared the financial and operating performance of Fold with companies with publicly traded equity securities that it deemed to be relevant. Northland also conducted such other analyses, examinations, and inquiries and considered such other financial, economic and market criteria as it deemed necessary and appropriate in arriving at its opinion. With the consent of the Emerald Board, and in connection with its review and analysis and in arriving