Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 191

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 191
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 ABTC Class A Common Stock, and for purposes of its opinion, Marshall & Stevens assumed a raise of $150million, at a per share purchase price of $20.00, implying a post -moneyequity valuation of ABTC of $1.15billion. Given the significance of this transaction and its relative size, Marshall & Stevens utilized the assumed implied post -moneyvalue of $1.15billion as another indicator of value. Marshall & Stevens understands that the private placement discussed above is expected to be on arms -lengthterms and include new investors in ABTC. Marshall & Stevens further understands that the proceeds of this private placement are intended to be used to support ABTC’s plans of growing its strategic Bitcoin reserve. Reconciled Conclusion of Value for ABTC The indications of value for ABTC based upon the above methodologies range from $480.0 million to $1.15 billion. Summary — Gryphon Implied Ownership Percentage Range vs. Transaction Terms The stand -alonevaluations of Gryphon and ABTC show that a reasonable ownership split of the combined companies is between 0.6% to 1.4% for Gryphon shareholders. These percentages are based on the mid -pointof the valuation range of Gryphon (between $0 to $13.9 million) compared to the two indications of value of ABTC ($480 million and $1.15 billion).

| Description 
 Low         |     | Valuation Summary (in $mm) |  High |     |   |         |
|:------------|:----|:---------------------------|------:|:----|:--|--------:|
| Gryphon     |     | $                          |   0.0 |     | $ |    13.9 |
| ABTC        |     | $                          | 480.0 |     | $ | 1,150.0 |

Gryphon’s Reasons for the Approval of the Mergers At a meeting held on May 9, 2025, the Gryphon Board: (i) determined that the Merger Agreement, the Mergers and the other transactions contemplated thereby are advisable, fair to and in the best interests of Gryphon and its stockholders, (ii) approved, adopted and declared advisable the Merger Agreement and the Mergers and (iii) determined to solicit, upon the terms and subject to the conditions set forth in the Merger Agreement, the approval of the Gryphon stockholders of the Proposals. During the course of