Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 47

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 47
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 under the caption “ The Mergers — Opinion of Marshall & Stevens.” For a more complete description of the reasons for the Mergers, please see the section titled “ The Mergers — Gryphon’s Reasons for the Approval of the Mergers.” Opinion of Marshall & Stevens On May 5, 2025, Gryphon engaged Marshall & Stevens to evaluate the fairness, from a financial point of view, of the purchase price to be paid by Gryphon for ABTC in the transaction whereby the ultimate economic result is the acquisition of ABTC by Gryphon for consideration of the issuance by Gryphon to the stockholders of ABTC of shares of Combined Company Common Stock which will, upon issuance, represent by number approximately 98% of the then issued and outstanding shares of such common stock, on a fully diluted basis. On May 9, 2025, the Gryphon Board met to review the proposed Mergers. During this meeting, Marshall & Stevens reviewed with the Gryphon Board certain financial analyses and rendered its oral opinion to the Gryphon Board, which opinion was confirmed by delivery of a written opinion, dated May 15, 2025 (the “ M&S Opinion”), to the effect that, as of May 7, 2025 and based on and subject to the matters described in its opinion, the purchase price being paid by Gryphon for ABTC in the transaction was fair, from a financial point of view, to Gryphon. 2 The full text of the M&S Opinion, which sets forth, among other things, the assumptions made, matters considered and limitations on the scope of review undertaken by Marshall & Stevens in rendering its opinion, is attached as Annex Hand is incorporated into this proxy statement/prospectus by reference in its entirety. ABTC’s Reasons for the Approval of the Mergers In the course of reaching its decision to approve the Mergers, the ABTC Board consulted with ABTC’s and Hut 8’s senior management and legal counsel and considered a wide variety of factors. Ultimately, the ABTC Board concluded that the Mergers represented the best option to generate capital resources to support the growth and advancement of ABTC’s business. Factors the ABTC Board considered included the following (which factors are not necessarily presented in any order of relative importance): •the Mergers will potentially expand the access to capital and the range of investors available as a public company to support the growth of ABTC’s business, compared to the capital and investors to which ABTC could otherwise