Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 230

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 230
---
 transaction with 133 such target because Emerald and such target could not come to an agreement on various terms, including valuation. In January of 2024, Emerald entered into a non -bindingletter of intent with another target in the renewable energy infrastructure sector, but ultimately Emerald did not further pursue a potential transaction with such target because Emerald and such target could not come to an agreement on various terms, including as to transaction structure and timing. In May of 2024, Andrew Hohns, an Emerald director and the founder of Battery Finance, Inc. (“Battery Finance”) introduced Mr. Young and Ms. Abrams to Jonathan Kirkwood, managing partner of Ten31 LLC, an existing investor in each of Battery Finance and Fold, to discuss one or more prospective targets in Ten31 LLC’s portfolio that could be of interest to Emerald, including Fold. Following such discussion, Dr. Kirkwood, Dr. Hohns, Ms. Abrams, Mr. Jagota and Will Reeves, Chief Executive Officer of Fold, met at Emerald’s offices in Philadelphia, PA to discuss Fold’s business, strategy, capital needs and potential opportunities for growth, with Mr. Young joining such meeting telephonically. On or about such date, Emerald began its formal due diligence investigation of Fold, with representatives of Emerald receiving access to a data room established by Fold. From May 2024 until the announcement of the transaction, Emerald continued to perform due diligence on Fold, with Mr. Young and Ms. Abrams overseeing the process and in -depthdiscussions with Fold’s senior management, including Mr.Reeves, regarding certain aspects of Fold’s business. On June 3, 2024, Mr. Jagota provided Mr. Reeves with a letter of intent (the “LOI”) on behalf of Emerald and the Sponsor reflecting (i) a proposed valuation of Fold of approximately $200 million (noted as subject to ongoing diligence), (ii) a $20 -40million private financing to be funded simultaneously with the announcement of the transaction, (iii) primary proceeds, including an unspecified amount to be used to acquire bitcoin for the combined company’s treasury, (iv) a transaction structure to be agreed that would be acceptable to all parties based on legal, accounting, tax and other considerations and (v) a restructuring of the founder shares such that the founder shares held by the Sponsor would be divided into equal tranches and subject to a lock -upwith early release based on price triggers of $12.00, $12.00 and $14.00 until