Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 243

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 243
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 those analyses by Northland. The summary text describing each financial analysis does not purport to constitute a complete description of Northland’s financial analyses, including the methodologies and assumptions underlying the analyses, and, if viewed in isolation, could create a misleading or incomplete view of the financial analyses performed by Northland. The summary text set forth below does not represent and should not be viewed by anyone as constituting or purporting to constitute the conclusions reached by Northland with respect to any of the analyses performed by it in connection with its opinion. As the Emerald Board was aware, Northland did not conduct a discounted cash flow analysis of Fold given, based on discussions with the management of Emerald, the unavailability of adequate long -termfinancial projections and estimates. 141 Analysis of Selected Publicly Traded Companies As part of its financial analyses, Northland reviewed and compared certain publicly available financial data, ratios and trading multiples for publicly traded companies within the technology industry that Northland determined, based on its professional judgment, to be similar to Fold in one or more respects, including (but not limited to) the nature of the business, size, diversification, geographic locations, growth rates, and financial performance, for purposes of this analysis, including the following seven companies (collectively, the “ Selected Publicly Traded Companies”): •Affirm Holdings, Inc. •Coinbase Global, Inc. •Ibotta, Inc. •Marqeta, Inc. •Nu Holdings Ltd. •Robinhood Markets, Inc. •SoFi Technologies, Inc. Financial data of the Selected Publicly Traded Companies was based on publicly available information, including information from public filings, third party equity research reports and publicly available research analysts’ estimates and forward -lookingmetrics (such estimates and metrics based on information available via S&P Capital IQ). Northland reviewed data, including implied market capitalization, implied Enterprise Value (“EV”), EV/revenue (including total debt, preferred equity, and non -controllinginterests (as applicable) less cash and cash equivalents, as multiples of such companies’ last twelve months (“LTM”) actual revenue and estimated calendar year 2024 and calendar year 2025 revenue), and growth adjusted EV/revenue, which is calculated as enterprise value divided by NTM revenue divided by NTM revenue growth rate (as a multiple of such companies’ next twelve months (“NTM”) projected revenue). The projected revenue growth rates for the Selected Publicly Traded Companies were based on equity research analyst consensus estimates for the period ending twelve