Company: FLDDW
Filing Date: 2025-04-11
Form Type: 424B3
Source: 0001213900-25-031004
Chunk: 111

Company: Fold Holdings, Inc.
Filing Date: 2025-04-11
Form: 424B3
Chunk 111
---
, and an extensive catalog of merchant reward offers.
Fold also offers various forms of bitcoin buying and selling with low-to-zero fees, instant withdrawals, and insured custody. By integrating
bitcoin across traditional financial services, the Company acts as a key point of entry for consumers to engage with and integrate bitcoin
into their everyday lives. Fold’s products and services are available in the United States through the Fold mobile app.

<div align='center'>57</div>

Description of the Business Combination

On July 24, 2024, FTAC Emerald and EMLD Merger
Sub Inc. (“Merger Sub”), a wholly-owned subsidiary of Emerald, entered into a Merger Agreement with Fold, pursuant to which,
among other things, Merger Sub will be merged with and into Fold with Fold surviving the Merger as a wholly-owned subsidiary of Emerald
(the “Business Combination” and, together with the other transactions contemplated by the Merger Agreement, the “Transactions”).
As a result of the Transactions, Fold will become a subsidiary of Emerald, with the former stockholders of Fold becoming stockholders
of Emerald. The Business Combination was consummated on February 14, 2025.

The aggregate consideration paid in the Transaction
consisted of shares of Emerald Class A Common Stock based on Fold’s pre-money equity value of $365 million, plus additional consideration
of $7.0 million based on the product of (i) the Specified BTC (as defined in the Company Disclosure Letter), (ii) the difference in the
60-day volume-weighted average price of Bitcoin as of the date of the Merger Agreement and February 9, 2025, and (iii) 0.2.

Description of the December 2024 Initial Investor Financing

On December 24, 2024, Fold entered into the
December 2024 Securities Purchase Agreement with an institutional investor (the “Investor”) pursuant to which the Investor
purchased an Initial SPV Note with an aggregate principal amount of $20.0 million which is convertible to shares of Common Stock of
Fold prior to the Business Combination, or shares of Common Stock of New Fold subsequent to the Business Combination. In conjunction
with the Securities Purchase Agreement and Initial SPV Note, Fold also issued Series A, Series B, and Series C Warrants to the
Investor (collectively with the Initial SPV Note, the “SPV Transaction”) for approximately 0.9 million, 0.5 million, and
0.9