Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 178

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 178
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 its entirety. Marshall & Stevens’ opinion was provided to the Gryphon Board for their information in connection with their evaluation of the Merger Consideration and relates only to the fairness, from a financial point of view, of such consideration, does not address any other aspect of the Mergers and does not constitute a recommendation to any stockholder as to how such stockholder should vote or act with respect to any matters relating to the Mergers. The summary of the M&S Opinion in this proxy statement/prospectus is qualified in its entirety by reference to the full text of the M&S Opinion. With the exception of the M&S Opinion, Marshall & Stevens has not had any material relationships during the past two years, nor is any future material relationship currently contemplated, between Marshall & Stevens, including its affiliates, and Gryphon and/or its affiliates. In addition, Marshall & Stevens has not had any material relationships during the past two years, nor is any future material relationship currently contemplated, between Marshall & Stevens, including its affiliates, and ABTC and/or its affiliates. In arriving at its opinion, Marshall & Stevens reviewed and/or considered several pieces of information, including, but not limited to, the following: •interviews with Gryphon’s management, during which topics addressed included, but were not limited to, a transaction overview, business operations, production, economic conditions and industry trends, market competitors, and various other topics related to Bitcoin mining and business operations; 80 •Gryphon management’s representations that if the Mergers are not consummated, it is likely that the Gryphon Common Stock will be delisted, and Gryphon may become insolvent in the near future; •ABTC and Hut 8 presentations, “Building America’s Bitcoin Infrastructure Backbone” —April 2025, and “The New Standard in Bitcoin Mining” —March 2025; •no specific projections were contained in these presentations and Marshall & Stevens did not make use of projections in providing the M&S Opinion (as further described below); •the corporate organizational documents of ABTC; •the MCSA and MMSA (each as defined in this proxy statement/prospectus); •the non -bindingterm sheet for the Mergers executed on April10, 2025; •the draft of the Merger Agreement dated May7, 2025; •Gryphon’s most recent fixed asset listing; •certain other publicly available financial data for certain companies that Marshall & Stevens deemed relevant for purposes of its analysis and publicly