Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 180

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 180
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 Common Stock will be delisted, and Gryphon may become insolvent in the near future; •ABTC and Hut 8 presentations, “Building America’s Bitcoin Infrastructure Backbone” —April 2025, and “The New Standard in Bitcoin Mining” —March 2025; •no specific projections were contained in these presentations and Marshall & Stevens did not make use of projections in providing the M&S Opinion (as further described below); •the corporate organizational documents of ABTC; •the MCSA and MMSA (each as defined in this proxy statement/prospectus); •the non -bindingterm sheet for the Mergers executed on April10, 2025; •the draft of the Merger Agreement dated May7, 2025; •Gryphon’s most recent fixed asset listing; •certain other publicly available financial data for certain companies that Marshall & Stevens deemed relevant for purposes of its analysis and publicly available transaction prices and premiums paid in other transactions that it deemed relevant for purposes of its analysis; and •conducted such other financial studies, analyses and inquiries as it deemed appropriate. In connection with its review, Marshall & Stevens relied upon and assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished or otherwise made available to it, discussed with or reviewed by it or publicly available and did not assume any responsibility with respect to such data, material and other information. For purposes of its opinion, and with the Gryphon Board’s approval, Marshall & Stevens did not perform a separate standalone enterprise valuation of Gryphon. Rather, again with the Gryphon Board’s approval, Marshall & Stevens has looked solely to the trading prices of shares of Gryphon Common Stock in certain recent periods and to the value of Gryphon’s tangible assets. Marshall & Stevens was not asked to determine and, accordingly, performed no analysis to determine, if such trading prices represent the fair market value of such shares. The Gryphon Board has agreed that, in rendering its opinion as to the fairness from a financial point of view to Gryphon of the Merger Consideration to be paid for ABTC, Marshall & Stevens has not taken into consideration the fact that, although Gryphon will be the surviving entity, the Mergers will effect a change of control of Gryphon, and that the shares of Class B Common Stock being issued to certain stockholders of ABTC due to their greater voting rights, may have a fair market value higher than the publicly traded Class A Common Stock which will be held by the