Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 192

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 192
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, uncertainty of timing of release of any remaining cash until contingent liabilities are resolved and the risks and costs associated with being a shell company prior to any such cash distribution;

89 •the risks and challenges of attempting to continue to operate Gryphon on a stand -alonebasis, including the substantial time required and uncertainty to successfully address the ongoing losses of continued operations and the need to service the Anchorage Loan and challenges in retaining staff with limited cash and projected financial losses; •that the Gryphon Board undertook a comprehensive and thorough process of reviewing and analyzing potential strategic alternatives to identify the opportunity that would, in the Gryphon Board’s view, create the most value for Gryphon stockholders; •the Gryphon Board’s belief, after a review of available strategic alternatives and discussions with Gryphon’s senior management and legal counsel, that the Mergers are more favorable to Gryphon stockholders than the potential value that might have resulted from other strategic alternatives available to Gryphon, including to operate Gryphon on a stand -alonebasis; •the Gryphon Board’s belief that, as a result of arm’s length negotiations with ABTC, Gryphon and its representatives negotiated the best Exchange Ratio to which ABTC was willing to agree and that the other terms of the Merger Agreement include the most favorable terms to Gryphon in the aggregate to which ABTC was willing to agree; •the Gryphon Board’s view, following a review with Gryphon’s management of ABTC’s current business plan (including to expand its mining operations and increase its Bitcoin reserves), of the likelihood that the Combined Company would possess sufficient cash resources at the Closing to fund the business of the Combined Company through upcoming value inflection points, which include, among other things, potential financings and purchases of mining equipment; •the lack of prospects of and risks associated with finding other strategic partners; •the ability of Gryphon stockholders to participate in the growth and value creation of the Combined Company following the Closing by virtue of their continued ownership of Class A Common Stock; •the current financial market conditions and historical market prices, volatility and trading information for Gryphon Common Stock; •the experience of the expected senior management team and board of directors of the Combined Company, which is expected to consist of experienced representatives from ABTC’s management team and board of directors; •the Gryphon Board’s consideration of the financial analyses of Marshall & Stevens, including its opinion to the Gryphon Board as to the fairness of the Mergers, from a financial point of view and as of the date of the