Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 235

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 235
---
 held a meeting during which it approved the transactions, the Merger Agreement and the various other documents to be delivered concurrently with the signing of the definitive documentation in respect of the transactions. The Merger Agreement was signed on July24, 2024. Concurrently with signing the Merger Agreement, Emerald, Fold, certain Fold equityholders and the Sponsor executed the Support Agreement, and Emerald, Fold and the Sponsor executed the Sponsor Share Restriction Agreement. Later in the morning of July 24, 2024, the parties issued a press release publicly announcing the transaction. Emerald Board’s Reasons for the Approval of the Business Combination The Emerald Board met telephonically on July 23, 2024 to, among other things, discuss a potential business combination with Fold, and, unanimously determined (with Mr. Hohns abstainingdue to his role at Battery Finance) that the Merger Agreement and the transactions contemplated thereby, including the Merger were in the best interest of Emerald and its stockholders and resolved to recommend that the Emerald stockholders vote to adopt the Merger Agreement and approve the Merger and the other transactions contemplated thereby. Prior to reaching the decision to approve the Merger and the Merger Agreement, the Emerald Board consulted with its management, as well as with its legal and financial advisors. In making its determination with respect to the Merger, the Emerald Board also considered the financial analysis undertaken by Northland, a financial advisor to Emerald in connection with the Merger. Northland presented to the Emerald Board its written opinion dated July 23, as to (i) the fairness, 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