Company: FLDDW
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006075
Chunk: 233

Company: Fold Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 233
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 industry and financial data, including, but not limited to, Fold’s existing business model, Fold’s historical and projected financials, and various valuation analyses, and reviewed the results of management’s due diligence review of Fold which took place over a 3 -monthperiod beginning in May of 2024 and continuing through the signing of the Merger Agreement on July 23, 2024, including extensive meetings and calls with Fold’s management team regarding operations and projections, review of Fold’s material contracts, intellectual property matters, financing and accounting due diligence, tax due diligence, engaging and consulting third -partyexperts and financial advisors including Northland, and other legal due diligence with assistance from Emerald’s legal counsel. 136 The Emerald Board and management have extensive experience in the financial services and financial technology industries, as well as with operational management, and investment and financial analysis. As such, the members of Emerald’s Board and management team believe that they are qualified to conduct and analyze the due diligence required for us to identify a merger partner. See the section entitled “Information About Emerald — Directors and Executive Officers”for additional information regarding the experience of Emerald’s Board and management team. Emerald has been conducting a search for a business combination partner since its IPO in December of 2021. In its evaluation of business combination partners, the Emerald Board and management team considered a wide variety of complex factors. The Emerald Board did not consider it practicable or relevant to quantify or otherwise assign relative weights to the specific factors it considered in reaching its final decision. Important criteria Emerald used in evaluating prospective business transaction opportunities included: •Strong management team. •Opportunities for growth. •Defensible and differentiated business niche. •Commitment to providing social and financial value. •Technology and risk management infrastructure. The Emerald Board determined that Fold met all of the above criteria. In particular, the Emerald Board considered the following positive factors, although not weighted or in any order of significance: • Strong management team:Led by its founder and CEO, Will Reeves, Fold has built a leading management team with deep experience at the intersection of financial services, technology and Bitcoin -centricfinancial products. Fold’s management team has demonstrated a history of successfully understanding its underlying consumer base and how to utilize a variety of media and channels to reach such consumer base. • Opportunities for growth:Fold is poised for organic growth both by (i) continuing to expand its customer base both as a result of its own marketing initiatives and, more generally, as bitcoin continues to grow in popularity and (ii)