Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 168

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 168
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 was that Gryphon would likely need to undertake a strategic transaction because it lacked the size, scale and capital to effectively compete against larger competitors. Gryphon’s management was encouraged by the generally positive reception to the possibility of such a transaction. On February 17, 2025 and again on February 24, 2025, Gryphon’s management held further conversations with members of Hut 8’s management about a possible combination transaction. On February 24, 2025, a meeting of the Gryphon Board, with representatives from EGS present, was held via teleconference, during which Gryphon’s management presented a liquidity and debt management update, including updated budgeting items, cash flow scenarios for the coming fiscal year and progress toward returning to compliance with Nasdaq listing requirements. Gryphon’s management team also discussed the ongoing conversations with Hut 8 about a potential business combination transaction involving Gryphon. The Gryphon Board encouraged management to continue to engage in these conversations. On February 25, 2025 and again on March 1, 2025, Gryphon’s management held further conversations with members of Hut 8’s management about a possible combination transaction involving Gryphon and one of its subsidiaries, including the potential new subsidiary previously mentioned. Gryphon’s management acknowledged that, in any such transaction, Gryphon stockholders would retain a small minority ownership interest in the combined entity. On March 6, 2025, a meeting of the Gryphon Board, with representatives from EGS present, was held via teleconference, during which Gryphon’s management presented a liquidity and debt management update and the management team and the Gryphon Board also discussed the concept of a possible business combination involving Hut 8 or one of its subsidiaries. The Gryphon Board and Gryphon’s management concluded that, while they were interested in pursuing this potential transaction, the post -transactionshare of equity in the combined entity, as between current Gryphon stockholders and stockholders of the Hut 8 counterparty to the transaction, would need to be carefully reviewed. On March 11, 2025, Steve Gutterman, chief executive officer of Gryphon, held a call and exchanged emails with Asher Genoot, chief executive officer of Hut8, to discuss a potential transaction between a subsidiary of Hut 8 and Gryphon, including that Hut 8 would hold a majority interest in the post -transactioncompany in the form of a newly -created, high -votingclass of stock. Mr.Genoot indicated that the share of equity and voting