According to PANews, Fold, Inc. announced the completion of $20 million in convertible note financing and plans to increase capital by another $10 million after merging with FTAC Emerald Acquisition Corp.
The note, which is collateralized by Foldโs assets, including some Bitcoin, will mature three years after the company goes public, with a conversion price of $11.50 per share, a premium over the merger valuation.
ATW Partners, an investor, received warrants to purchase 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.