Approved by both boards, Fold’s SPAC merger with FTAC Emerald Acquisition is scheduled to complete in Q4 2024, with Fold expecting to raise over 1,000 BTC.
- Fold is a Cashback debit card that pays bitcoin benefits rather than the standard incentives found in other products.
- The company plans to go public through a merger with SPAC Emerald Acquisitions.
Following board approval, Fold’s SPAC merger with FTAC Emerald Acquisition is scheduled to complete in Q4 2024, with Fold expecting a Bitcoin valuation of over $1,000.
Bitcoin-based rewards app Fold has announced its intention to go public on the NASDAQ with an estimated valuation of $365 million. This action will be done by merging with FTAC Emerald Acquisition, a special purpose acquisition company (SPAC).
In a SPAC deal, a company joins forces with an existing shell company that is listed on a stock exchange, unlike a traditional IPO in which a company issues new shares to the public. After the transaction, the combined business is expected to issue its shares under an unnamed name on the NASDAQ.
Source: FOLD BITCOIN
It runs a Cashback debit card program that allows users to spend fiat currency and Bitcoin at partner businesses, both online and offline. Buyers get paid in Bitcoin for their transactions.
According to the official release, the planned SPAC transaction of both firms has been accepted by the boards, and the acquisition is estimated to be completed in the fourth quarter of 2024. After the merger, Fold is estimated to have over 1,000 BTC in its possession.
Profits from the merger will then be used to accelerate Fold’s growth and expand its operations. There is also a six-month lock-up period for existing shareholders, but this could change if Fold’s shares sell for $12 or more within 90 days of listing.
About 71% of Fold’s total outstanding shares will remain in the hands of pre-IPO shareholders, or people who buy stock in the company before it goes public.
A company called Fold, based in New York, sells a cashback debit card that offers bitcoin incentives, not the usual returns that are expected from similar products. Fold’s card has processed more than $2 billion in transactions and paid out more than $45 million in rewards, it said in a statement Wednesday.
Fold will achieve a significant milestone with this IPO, which will aid in the company’s service expansion within the cryptocurrency and payments industries.
