Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 189

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 4
Chunk 189
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 filed with the SEC on March 31, 2025, as amended.

Neither Gryphon nor ABTC can be sure if
or when the Mergers will be completed.

The consummation of the
Mergers is subject to the satisfaction or waiver of various conditions. Neither Gryphon nor ABTC can guarantee that the closing
conditions set forth in the ABTC Merger Agreement will be satisfied. If Gryphon is unable to satisfy the closing conditions in
ABTC’s favor or if other mutual closing conditions are not satisfied, ABTC will not be obligated to complete the Mergers.
Under certain circumstances, Gryphon would be required to pay ABTC a termination fee of $5,000,000, in addition to the out-of-pocket
fees and expenses incurred by or on behalf of ABTC in connection with the transactions contemplated by the ABTC Merger
Agreement.

If the Mergers are not completed, the Gryphon
Board, in discharging its fiduciary obligations to Gryphon stockholders, will evaluate other strategic alternatives or financing options
that may be available, which alternatives may not be as favorable to Gryphon stockholders as the Mergers, if available at all. Any future
sale, merger, financing or other transaction may be subject to further stockholder approval. Gryphon may also be unable to find, evaluate
or complete other strategic alternatives, which may have a material adverse effect on Gryphon’s business, financial condition or
results of operations.

39

Gryphon’s and ABTC’s efforts to complete
the Mergers could cause substantial disruptions in and create uncertainty surrounding, their respective businesses, which may materially
adversely affect their results of operation and businesses. Uncertainty as to whether the Mergers will be completed may also affect Gryphon’s
and ABTC’s ability to retain and motivate existing employees. A substantial amount of Gryphon’s and ABTC’s management’s
and employees’ attention is being directed toward the Closing and thus is being diverted from their respective day-to-day operations.
Uncertainty as to Gryphon’s and ABTC’s future could adversely affect their relationship with collaborators, suppliers, vendors,
regulators and other business partners and stakeholders. For example, vendors, collaborators and other counterparties may defer decisions
concerning working with Gryphon or ABTC or seek to change existing business relationships with Gryphon or ABTC, during the pendency of
the Mergers. Changes to or termination of, existing business