Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 169

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 169
---
 power in the post -transactioncompany, as between stockholders of Gryphon and the Hut 8 subsidiary, would lean heavily towards the Hut 8 subsidiary. Mr.Gutterman indicated that he had a fiduciary obligation to explore all options. On March 12, 2025, a meeting of the Gryphon Board was held via teleconference, during which the Gryphon Board and Gryphon’s management discussed the March 11, 2025 communications from Mr. Genoot. The Gryphon Board concluded that a potential transaction could achieve Gryphon’s goals of (i) achieving scale and (ii) returning to compliance with Nasdaq’s continuing listing standards. The Gryphon Board instructed Gryphon’s management to continue discussions with Hut 8. Later on March 12, 2025, Mr. Gutterman called Mr. Genoot to discuss the meeting. On March 13, 2025, members of Gryphon’s management team held further conversations with members of Hut 8’s management team to discuss a possible transaction with a subsidiary of Hut 8. The teams discussed Gryphon stockholders retaining a 2% equity interest in the post -transactioncompany. Members of Gryphon’s management stated that they would consider this retained equity interest so long as it was accretive to Gryphon stockholders. On March 24 and March 25, 2025, members of Gryphon’s management and Hut 8’s management held further meetings via videoconference to discuss a potential transaction, focusing on equity ownership, voting power, capitalization and management of the combined company following the potential transaction. On March 31, 2025, representatives of Gryphon’s and Hut 8’s management met by videoconference to hold discussions about a potential merger transaction between ABTC, a subsidiary of Hut8, and Gryphon. During this call, members of Hut 8 management confirmed their position that Gryphon stockholders would retain a 2% equity stake in the combined company, based on the relative anticipated value of Gryphon and ABTC, with current stockholders of ABTC, including Hut8, receiving a newly -created, high -votingclass of stock. 75 On April 1, 2025, a representative of ABTC sent to Gryphon a draft non -bindingterm sheet outlining the key terms of a potential merger between a wholly owned subsidiary of Gryphon and ABTC. Among other things, the term sheet contemplated that: existing Gryphon stockholders would retain 2% of the outstanding