Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 230

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 230
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 to act as Emerald’s (i) capital markets advisor in connection with seeking an extension for completing a business combination, (ii) capital markets advisor in connection with a business combination transaction, and (iii) placement agent in connection with a private placement of equity, equity -linked, convertible and/or debt securities or other capital or debt raising transaction in connection with a business combination transaction. Pursuant to Emerald’s engagement letters with CCM, CCM will be entitled to a minimum fee of $2,155,000 at the closing of Emerald’s business combination, which amount will be paid in addition to fees payable under Fold’s engagement of CCM in connection with the Business Combination. On June 18, 2024, Fold provided Emerald with a revised draft of the LOI, reflecting (i) a restructuring of the founder shares increasing the early release price triggers for the one -yearand ten -yearlockup tranches to $15.00 and $17.00, respectively, and (ii) restoring a minimum cash condition (in an unspecified amount). On June 18, 2024, a teleconference was held among Dr. Kirkwood, Mr. Reeves, Dr. Hohns, Dr. Young, Ms. Cohen, Ms. Abrams, Mr. Jagota and Daniel Cohen, an advisor to Emerald and an affiliate of CCM, to discuss certain aspects of the LOI, including the inclusion of a minimum cash condition. Daniel Cohen is managing member of Cohen Circle, LLC, an affiliate of the Sponsor. 134 Later that same day, Mr. Jagota provided Mr.Reeves with a revised draft of the LOI, (i) removing the minimum cash condition and (ii) providing that if Fold raised less than $50 million between the announcement of the transaction and the second anniversary of the Closing, the Sponsor would forfeit up to 500,000shares from each of the $15.00 and $17.00 founder share lockup tranches, determined based on a calculation set forth in the LOI. On June 19, 2024, Mr. Reeves corresponded with representatives of Emerald regarding a proposal to update Fold’s valuation by certain increments depending on funding thresholds reached by Fold in its then ongoing private fundraise. On June 21, 2024, Mr. Reeves sent a revised draft of the LOI reflecting (i) the revised valuation proposal discussed on June19, 2024, and (ii) an outside date of 18 months following the execution of definitive