Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 240

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 240
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 held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. •Following the consummation of the Business Combination, New Fold will continue to indemnify Emerald’s existing directors and officers and will maintain a directors’ and officers’ liability insurance policy. •Upon the Closing, subject to the terms and conditions of the Merger Agreement, the Sponsor, Emerald’s officers and directors and their respective affiliates may be entitled to reimbursement for any reasonable out -of-pocketexpenses related to identifying, investigating and consummating an initial business combination, and repayment of any other loans. •Following the consummation of the Business Combination, Emerald’s President and Chief Executive Officer, Mr.Young, and an independent director of Emerald, Mr.Hohns, will serve as directors on the Board of Directors of New Fold. •Following the Closing and assuming no redemptions (after giving effect to the redemption of 112,068shares of Emerald Class A Common Stock in connection with the Third Extension Meeting on December17, 2024), Emerald expects the Sponsor to hold approximately 13.0% of the outstanding shares of New Fold Common Stock. Opinion of Emerald’s Financial Advisor The Emerald Board retained Northland to provide a fairness opinion in connection with the Merger. The Emerald Board decided to obtain such fairness opinion to determine (i) the fairness, from a financial point of view, to Emerald of the consideration paid by Emerald to the equityholders of Fold pursuant to the Merger Agreement, and (ii) whether Fold has an aggregate fair market value equal to at least 80 percent of the balance of funds in Emerald’s Trust Account (excluding deferred underwriting commissions and taxes payable and subject to proportionate adjustments related to Nasdaq’s 80 percent test). In selecting Northland, the Emerald Board considered, among other things, Northland’s qualifications, expertise and reputation, as well as Northland’s knowledge of Emerald and Fold, the businesses of Emerald and Fold and the industries in which Emerald and Fold operate. On July 23, 2024, Northland rendered its oral opinion to the Emerald Board, which was subsequently confirmed in a letter dated July 23, 2024, stating that, as of the date of the letter and subject to and based on the assumptions made, procedures followed, matters considered, limitations of the review undertaken and qualifications in such letter, (i) the consideration paid by Emerald to the equityholders of Fold pursuant to the Merger Agreement is