By Denny Jacob
Bitcoin financial services company Fold and blank-check company FTAC Emerald Acquisition agreed to a merger that will take Fold public.
The deal values Fold at $365 million. The combined company intends to remain listed on the Nasdaq under a new ticker that will be announced later.
Fold is expected to have more than 1,000 bitcoin on its balance sheet after the combination. Legacy Fold shareholders would own about 71% of the combined company's outstanding shares following the close.
The transaction, approved by the boards of both companies, is expected to close in the fourth quarter.
Fold's management team, led by Chief Executive Will Reeves, will continue to operate and manage the business.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
July 24, 2024 07:53 ET (11:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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