Fold, Inc. Announces Up To $30 Million Convertible Note Financing Backed by Bitcoin
(FLDD)
Company Research
Source: Business Wire
Innovative financing structure supports proposed business combination with FTAC Emerald Acquisition Corp. NEW YORK--(BUSINESS WIRE)--Fold, Inc. (“Fold” or the “Company”), a pioneering bitcoin financial services company, today announced that it has closed a $20 million convertible note financing from ATW Partners, with an additional $10 million that may be provided in the parties’ mutual discretion upon the closing of its previously announced business combination with FTAC Emerald Acquisition Corp. (OTC: FLDD) (“FTAC Emerald”).The initial convertible note is secured by the Company’s assets as collateral, including a portion of the Company’s proprietary bitcoin and will mature three years after Fold becomes a public company. The note will be convertible into common stock of the combined company at a fixed conversion price of $11.50 per share, representing a premium to the proposed business combination valuation. In connection with the convertible note, ATW Partners received warrants
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