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