Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 192

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 4
Chunk 192
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 may result
in Gryphon paying a termination fee to ABTC, which could significantly harm the price of the Gryphon Common Stock and Gryphon’s
future business and operations.

If the Mergers are not
completed and the ABTC Merger Agreement is terminated under certain circumstances, Gryphon may be required to pay ABTC a termination
fee of $5,000,000, in addition to the out-of-pocket fees and expenses incurred by or on behalf of ABTC in connection with the
transactions contemplated by the ABTC Merger Agreement. Even if such a termination fee is not payable in connection with a
termination of the ABTC Merger Agreement, Gryphon will have incurred significant fees and expenses, which must be paid whether or
not the Mergers are completed. Further, if the Mergers are not completed, it could significantly harm the market price of the
Gryphon Common Stock.

In addition, if the ABTC Merger Agreement is terminated and Gryphon
determines to seek another business combination, there can be no assurance that Gryphon will be able to find a partner and close an alternative
transaction on terms that are as favorable as or more favorable to Gryphon than the terms set forth in the ABTC Merger Agreement or at
all.

The Mergers are subject to the requirements
of the HSR Act, and regulatory authorities may impose conditions that could have an adverse effect on Gryphon and/or ABTC following the
Mergers or that could delay, prevent or increase the costs associated with completion of the Mergers.

Completion of the Mergers is conditioned upon the expiration or termination
of any waiting period under the provisions of the HSR Act. Under the ABTC Merger Agreement, Gryphon and ABTC have agreed to use their
respective reasonable best efforts to obtain all necessary actions or non-actions, waivers, consents, approvals, orders and authorizations
from governmental authorities and make all necessary registrations, declarations and filings with governmental authorities, that are necessary
to consummate the Mergers. However, there can be no assurance that these approvals will be obtained and that the other conditions to completing
the Mergers will be satisfied. In addition, the governmental authorities from which the regulatory approvals are required may impose conditions
on the Closing or require changes to the terms of the ABTC Merger Agreement or other agreements to be entered into in connection with
the ABTC Merger Agreement which may delay completion of the Mergers or