According to ChainCatcher, Bitcoin financial services company Fold announced it has completed a $20 million convertible bond financing provided by ATW Partners, and both parties have reached an agreement to possibly provide an additional $10 million in financing after merging with FTAC Emerald.
This financing is secured by the company's assets (including some Bitcoin), and the bonds will mature three years after Fold becomes a publicly listed company, converting into shares of the merged company's common stock at a fixed conversion price of $11.50 per share.
Fold stated that the initial funding of $20 million will be used to support growth plans and accelerate product development, while the remaining $10 million in financing will provide more capital flexibility after the business combination with FTAC Emerald is completed.