According to PANews, Fold, Inc. announced the completion of a $20 million convertible note financing, with plans to raise an additional $10 million after merging with FTAC Emerald Acquisition Corp.
The notes are backed 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.
Investor ATW Partners received 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, subject to regulatory approvals and shareholder votes.
