Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 232

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 232
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 and $17.00, respectively, and (ii) restoring a minimum cash condition (in an unspecified amount). On June 18, 2024, a teleconference was held among Dr. Kirkwood, Mr. Reeves, Dr. Hohns, Dr. Young, Ms. Cohen, Ms. Abrams, Mr. Jagota and Daniel Cohen, an advisor to Emerald and an affiliate of CCM, to discuss certain aspects of the LOI, including the inclusion of a minimum cash condition. Daniel Cohen is managing member of Cohen Circle, LLC, an affiliate of the Sponsor. 134 Later that same day, Mr. Jagota provided Mr.Reeves with a revised draft of the LOI, (i) removing the minimum cash condition and (ii) providing that if Fold raised less than $50 million between the announcement of the transaction and the second anniversary of the Closing, the Sponsor would forfeit up to 500,000shares from each of the $15.00 and $17.00 founder share lockup tranches, determined based on a calculation set forth in the LOI. On June 19, 2024, Mr. Reeves corresponded with representatives of Emerald regarding a proposal to update Fold’s valuation by certain increments depending on funding thresholds reached by Fold in its then ongoing private fundraise. On June 21, 2024, Mr. Reeves sent a revised draft of the LOI reflecting (i) the revised valuation proposal discussed on June19, 2024, and (ii) an outside date of 18 months following the execution of definitive agreements, after which the definitive agreements could be terminated by either of Fold or Emerald. On June 24, 2024, Emerald and Fold executed the LOI. On June30, 2024, CCM provided to Fold an outline of proposed terms of engagement in respect of the transactions. Following which Fold determined to engage CCM and began negotiating the terms of an engagement letter, which was formally executed on July24, 2024. On June 27, 2024, Ms. Abrams and Mr. Jagota contacted Jeff Peterson of Northland Securities to discuss Northland Securities potentially providing a fairness opinion for the transaction. That same day, Emerald conducted a preliminary call with its board of directors to review the LOI and the Fold business. All directors were present on the call, as were Mr. Young, Ms. Abrams, and Mr. Jagota. On June 28, 2024, representatives of Latham & Watkins