Company: FLDDW
Filing Date: 2025-01-22
Form Type: S-4/A
Source: 0001213900-25-005202
Chunk: 248

Company: Fold Holdings, Inc.
Filing Date: 2025-01-22
Form: S-4/A
Chunk 248
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 things, by Northland in connection with rendering its fairness opinion to the Emerald Board and by the Emerald Board in connection with its decision to approve the Business Combination and recommend it for adoption by Emerald’s stockholders. Original Fold Projections The following table presents revenue forecasts included in the original Fold projections for the year ended December 31, 2024, the year ended December 31, 2025 and the 12 -monthsending June 30, 2025, which were prepared as described above and considered, among other things, by Northland in connection with rendering its fairness opinion to the Emerald Board and by the Emerald Board in connection with its decision to approve the Business Combination and recommend it for adoption by Emerald’s stockholders.

| ($ in millions) |     | 2024E |      |     | 2025E |      |     | Twelve Months 
 Ending        
 June 30,      
 2025E         |      |
|:----------------|:----|:------|-----:|:----|:------|-----:|:----|:--------------|-----:|
| Revenue         |     | $     | 27.1 |     | $     | 72.5 |     | $             | 42.0 |

144 Updated Fold Projections Subsequent to providing the original Fold projections to Emerald, Fold management engaged external accounting advisors to review Fold’s accounting policies in preparation for financial statement audits. As a result of that engagement, various accounting adjustments were made to comply with PCAOB accounting standards. The Fold Financial Statements reflected in this proxy statement/prospectus were prepared using the updated accounting policies. Fold management also updated the original Fold projections to align with the updated accounting policies (the “updated Fold projections”). The updated Fold projections therefore reflect lower revenues for forecasted periods as compared with the original Fold projections. The differences for the relevant periods are as follows: projected Fold revenues for the calendar year ending December 31, 2024 decreased from $27.1 million to $24.0 million; projected Fold revenues for the calendar year ending December 31, 2025 decreased from $72.5 million to $61.6 million; and projected Fold revenues for the twelve months ending June 30, 2025 decreased from $42.0 million to $36.4 million. Any variation between the updated Fold projections included in this proxy statement/prospectus and the original Fold projections provided to Emerald in connection with its evaluation of the Business Combination is solely attributable to the referenced changes in