Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 430

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 430
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 not obligated to, loan Emerald funds as may be required. If Emerald completes an initial business combination, Emerald would repay the Working Capital Loans out of the proceeds of the Trust Account released to Emerald. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that an initial business combination does not close, Emerald may use a portion of proceeds 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. The Working Capital Loans are to be repaid upon consummation of a Business Combination, without interest. On January 13, 2023, the Sponsor and Emerald entered into a promissory note pursuant to which the Sponsor agreed to loan Emerald up to $1,500,000. On October 16, 2023, the Promissory Note was amended to increase the aggregate principal amount from $1,500,000 to $3,000,000. The Promissory Note is non -interestbearing and all outstanding amounts under the Promissory Note will be due on the date on which Emerald consummates a business combination. If Emerald does not consummate a business combination, it may use a portion of any funds held outside the Trust Account to repay the Promissory Note; however, no proceeds 268 from the Trust Account may be used for such repayment. If such funds are insufficient to repay the Promissory Note, the unpaid amounts would be forgiven. No portion of the amounts outstanding under the Promissory Note may be converted into units. As of September 30, 2024, there was $3,000,000 outstanding under the Promissory Note. On January 3, 2024, Emerald, the Sponsor and Emerald ESG Funding, LLC (“ESG Funding”) entered into a subscription agreement with Polar to cover working capital requirements of Emerald. Pursuant to the terms and subject to the conditions of the Subscription Agreement, Polar agreed to contribute up to $550,000 to ESG Funding, which amount was contributed in full as of April 2024. The Polar Contribution shall be repaid upon Emerald’s closing of an initial business combination. The Polar Contribution is non -interestbearing and shall be repaid to, and at the election of, Polar (i) in shares of Emerald Class A Common Stock, at a rate of 1.0 share of for each ten dollars ($10.00) of the Polar Contribution funded as of the