Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 168

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 168
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 held an introductory call with certain members of Hut 8’s management. The companies discussed potential areas of collaboration between the two companies and whether such collaboration could benefit both companies’ stockholders. At this time, the conversation was focused on a combination of Hut 8 assets with Gryphon assets. On February 7, 2025, another call was held between members of Gryphon’s management and Hut 8’s management. During the call, the management teams discussed in concept the possibility of a transaction to combine their respective Bitcoin mining operations, including the possibility of using as a counterparty for a transaction a new subsidiary Hut 8was considering forming in connection with its Bitcoin mining operations. Gryphon’s management acknowledged that, as the significantly smaller of the two parties and operations, any combination would likely result in Gryphon’s management ceding operational control of a combined entity to Hut 8. 74 On February 14, 2025, members of Gryphon’s management held in -personmeetings with several investment bankers in New York. The purpose of these meetings was to discuss Gryphon’s position in the market and to evaluate feedback on potential strategic alternatives for Gryphon, including the possibility of a business combination in which Gryphon would be acquired by a third party. The feedback from the investment bankers 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 Hut 8’s subsidiaries, including the potential new subsidiary