Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 193

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 193
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 terms of the Merger Agreement include the most favorable terms to Gryphon in the aggregate to which ABTC was willing to agree; •the Gryphon Board’s view, following a review with Gryphon’s management of ABTC’s current business plan (including to expand its mining operations and increase its Bitcoin reserves), of the likelihood that the Combined Company would possess sufficient cash resources at the Closing to fund the business of the Combined Company through upcoming value inflection points, which include, among other things, potential financings and purchases of mining equipment; •the lack of prospects of and risks associated with finding other strategic partners; •the ability of Gryphon stockholders to participate in the growth and value creation of the Combined Company following the Closing by virtue of their continued ownership of Class A Common Stock; •the current financial market conditions and historical market prices, volatility and trading information for Gryphon Common Stock; •the experience of the expected senior management team and board of directors of the Combined Company, which is expected to consist of experienced representatives from ABTC’s management team and board of directors; •the Gryphon Board’s consideration of the financial analyses of Marshall & Stevens, including its opinion to the Gryphon Board as to the fairness of the Mergers, from a financial point of view and as of the date of the opinion, as more fully described under the caption “ — Opinion of Marshall & Stevens”; and •the variety of risks and other countervailing factors related to entering into the Merger Agreement, including the potential effect of termination fees, the substantial expense incurred in connection with the Mergers and the risks and uncertainties associated with ABTC’s business and various other risks. The Gryphon Board also reviewed the terms of the Merger Agreement and related transaction documents, including those described below and concluded that the terms of the Merger Agreement and related transaction documents, in the aggregate, were reasonable under the circumstances: •the calculation of the Exchange Ratio and the estimated number of shares of Class A Common Stock and Class B Common Stock to be issued in the Mergers; •the number and nature of the conditions to ABTC’s and Gryphon’s respective obligations to complete the Mergers and the likelihood that the Mergers will be completed on a timely basis; •the rights of and limitations on, Gryphon under the Merger Agreement to consider and engage in discussions regarding unsolicited acquisition proposals under certain circumstances and the limitations on the Gryphon Board to change its recommendation in favor of the Merger; •the right of Gryphon to terminate the