Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 5

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 5
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 LLC issued and outstanding immediately prior to the Second Effective Time will automatically be converted into and become one equity
interest of the Surviving Company; and

●Gryphon will become the sole
member of the Surviving Company.

Following the closing of the transactions
contemplated by the ABTC Merger Agreement, including the Mergers (the “Closing”), (i) the aggregate number of shares of
Gryphon Class A Common Stock and Gryphon Class B Common Stock issued to the former stockholders and other equity holders of ABTC as
Merger Consideration is expected to represent approximately 98.0% of the outstanding equity interests of the Combined Company and
(ii) Gryphon equity holders as of immediately prior to the First Merger are expected to own 2.0% of the outstanding equity interests
of the Combined Company after their shares of Gryphon Common Stock are reclassified into shares of Gryphon Class A Common Stock.
Following the Mergers, ABTC’s business will be the business of the Combined Company.

Certain reclassifications
have been made to the 2024 unaudited condensed consolidated financial statements in order to conform to the current period presentations.

Basis of Presentation

The accompanying condensed consolidated financial
statements and notes thereto are unaudited. The unaudited condensed financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities
and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in the Company’s annual
financial statements have been condensed or omitted. The December 31, 2024 condensed consolidated balance sheet data was derived from
audited financial statements but does not include all disclosures required by GAAP. These interim unaudited condensed consolidated financial
statements, in the opinion of management, reflect all normal recurring adjustments necessary for a fair presentation of the financial
position, results of operations and cash flows for the six months ended June 30, 2025 and 2024. The results for the six months ended June
30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025 or for any future period.

These unaudited condensed consolidated financial
statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for
the year ended December 31, 2024, included in the Company’s annual report on