PANews reported on January 3 that Fold, Inc. announced the completion of a $20 million convertible note financing, and plans to raise another $10 million at the discretion of both parties after completing the business merger with FTAC Emerald Acquisition Corp. The note is secured by Fold's assets (including some Bitcoin) and will mature three years after the company goes public. The conversion price is $11.50 per share, a premium higher than the merger valuation.
In addition, investor ATW Partners received warrants to subscribe for common stock at an exercise price of $12.50 per share. Fold said the merger transaction is expected to be completed in the first quarter of 2025, subject to regulatory approvals and shareholder votes.
