Company: FLDDW
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006075
Chunk: 769

Company: Fold Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 769
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 Board of Directors of
FTAC Emerald Acquisition Corp.
2929 Arch Street, Suite 1703 Philadelphia, PA 19104 Dear Members of the Board of Directors: We understand that FTAC Emerald Acquisition Corp., a Delaware corporation (“ EMLD ”), proposes to enter into an Agreement and Plan of Merger, dated as of July 23, 2024 (the “ Merger Agreement ”), by and among Fold, Inc., a Delaware corporation (the “ Company ”), EMLD, and EMLD Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of EMLD (“ Merger Sub ”), under which Merger Sub will merge with and into the Company, with the Company surviving such merger (the “ Merger ”) as a direct wholly owned subsidiary of EMLD. The terms of the Merger are more fully set forth in the Merger Agreement and capitalized terms used but not defined herein have the meanings ascribed to such terms in the Merger Agreement. You have requested our opinion as to (i) the fairness, from a financial point of view, to EMLD of the consideration paid by EMLD to the equityholders of the Company pursuant to the Merger Agreement, and (ii) whether the Company has an aggregate fair market value equal to at least 80 percent of the balance of funds in EMLD’s trust account (excluding deferred underwriting commissions and taxes payable and subject to proportionate adjustments related to Nasdaq’s 80 percent test) (each an “ Opinion ” and, together, the “ Opinions ”). In connection with our review of the Merger and in arriving at our Opinions, we have made such reviews, analyses, and inquiries as we have deemed necessary and appropriate under the circumstances. Among other things, we have reviewed: 1.the draft of the Merger Agreement, dated July 23, 2024; 2.certain documents filed by EMLD with the U.S. Securities and Exchange Commission (the “ SEC ”), including the registration statement on Form S-1 initially filed November 22, 2021, and amendments thereto, and the related Rule 424(b)(4) final prospectus filed with the SEC on December 17, 2021; 3.the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed by EMLD with the SEC pursuant to the U.S. Securities Exchange Act of 1934; 4.the Company’s projected