Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 234

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 234
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, from a financial point of view, to Emerald and its unaffiliated public stockholders of the consideration paid by Emerald to the equityholders of Fold pursuant to the Merger Agreement, and (ii) whether Fold has an aggregate fair market value equal to at least 80 percent of the balance of funds in the Trust Account (excluding any deferred underwriters’ fees and taxes payable on the income earned on the Trust Account). See the subsection entitled “The Business Combination — Opinion of Emerald’s Financial Advisor”below . In addition, before determining that the Merger was in the best interests of Emerald and its stockholders, the Emerald Board reviewed various industry and financial data, including, but not limited to, Fold’s existing business model, Fold’s historical and projected financials, and various valuation analyses, and reviewed the results of management’s due diligence review of Fold which took place over a 3 -monthperiod beginning in May of 2024 and continuing through the signing of the Merger Agreement on July 23, 2024, including extensive meetings and calls with Fold’s management team regarding operations and projections, review of Fold’s material contracts, intellectual property matters, financing and accounting due diligence, tax due diligence, engaging and consulting third -partyexperts and financial advisors including Northland, and other legal due diligence with assistance from Emerald’s legal counsel. 136 The Emerald Board and management have extensive experience in the financial services and financial technology industries, as well as with operational management, and investment and financial analysis. As such, the members of Emerald’s Board and management team believe that they are qualified to conduct and analyze the due diligence required for us to identify a merger partner. See the section entitled “Information About Emerald — Directors and Executive Officers”for additional information regarding the experience of Emerald’s Board and management team. Emerald has been conducting a search for a business combination partner since its IPO in December of 2021. In its evaluation of business combination partners, the Emerald Board and management team considered a wide variety of complex factors. The Emerald Board did not consider it practicable or relevant to quantify or otherwise assign relative weights to the specific factors it considered in reaching its final decision. Important criteria Emerald used in evaluating prospective business transaction opportunities included: •Strong management team. •Opportunities for growth. •Defensible and differentiated business niche. •Commitment to providing social and financial value. •Technology and risk management infrastructure. The Emerald Board determined that Fold met all of the above criteria. In particular, the Emerald Board considered the following positive factors,