Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 82

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 82
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 facts and circumstances at the time to determine whether any amendment of this proxy statement/prospectus or any re -solicitationof proxies, approvals or voting cards is required in light of such waiver. Any determination to waive any condition to the Mergers or as to re -solicitingstockholder approval or amending this proxy statement/prospectus as a result of a waiver will be made by Gryphon or ABTC, as applicable, at the time of such waiver based on the facts and circumstances as they exist at that time. Risks Related to Gryphon Gryphon’s independent registered public accounting firm’s report contains an explanatory paragraph that expresses substantial doubt about Gryphon’s ability continue as a “going concern.” Gryphon’s consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplate the continuation of Gryphon as a going concern and the realization of assets and satisfaction of liabilities in the ordinary course of business. Since Gryphon began revenue generation in September 2021, management has financed Gryphon’s operations through equity and debt financing and the sale of the digital assets earned through mining operations. 23 Gryphon’s auditors, RBSM LLP, have indicated in their report on Gryphon’s consolidated financial statements for the fiscal year ended December 31, 2024, that conditions exist that raise substantial doubt about Gryphon’s ability to continue as a going concern due to its recurring losses from operations and significant accumulated deficit. In addition, Gryphon may continue to experience negative cash flows from operations, and in connection with the Mergers, in the foreseeable future. A “going concern” opinion could impair Gryphon’s ability to finance its operations through debt or equity financing. Gryphon’s ability to continue as a going concern will depend upon the availability of such financing which represents the primary source of cash flows that will permit it to meet its financial obligations as they come due. However, there can be no assurance that such financing will be available in sufficient amounts and on acceptable terms, when and if needed or at all. The precise amount and timing of the funding needs cannot be determined accurately at this time and will depend on several factors, including the market price for the underlying commodity mined by Gryphon and its ability to procure equipment and operate profitably. Gryphon may experience liquidity constraints and need additional capital, which may not be available to it on favorable terms or at all. Liquidity risk is the possibility that Gryphon will be unable to meet its financial obligations as they come due. Gryphon will need to