Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 48

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 48
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 to fund ongoing operations, risks related to servicing the Anchorage Loan and the potential for a default under the terms of the Anchorage Loan, the current stock price of Gryphon Common Stock and the overall prospects of Gryphon’s current operations, the timeline for profitable operations and the costs of operating as a public company; •the Gryphon Board’s belief that, as a result of arm’s length negotiations with ABTC, Gryphon and its representatives negotiated the best Exchange Ratio to which ABTC was willing to agree and that the other 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 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 experience of the senior management team and board of directors of the Combined Company, which will consist of experienced representatives from ABTC’s management team and board of directors; and •the Gryphon Board’s consideration of the financial analyses of Marshall & Stevens, including its opinion to the Gryphon Board as to the fairness, from a financial point of view and as of the date of the opinion, as more fully described under the caption “ The Mergers — Opinion of Marshall & Stevens.” For a more complete description of the reasons for the Mergers, please see the section titled “ The Mergers — Gryphon’s Reasons for the Approval of the Mergers.” Opinion of Marshall & Stevens On May 5, 2025, Gryphon engaged Marshall & Stevens to evaluate the fairness, from a financial point of view, of the purchase price to be paid by Gryphon for ABTC in the transaction whereby the ultimate economic result is the acquisition of ABTC by Gryphon for consideration of the issuance by Gryphon to the stockholders of ABTC of shares of Combined Company Common Stock which will, upon issuance, represent by number approximately 98% of the then issued and outstanding shares of such common stock, on a fully diluted basis. On May 9, 2025, the Gryphon