Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 169

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 169
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 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 power in the post -transactioncompany, as between stockholders of Gryphon and the Hut 8 subsidiary, would lean heavily towards the Hut 8 subsidiary. Mr.Gutterman indicated that he had a fiduciary obligation to explore all options. On March 12, 2025, a meeting of the Gryphon Board was held via teleconference, during which the Gryphon Board and Gryphon’s management discussed the March 11, 2025 communications from Mr. Genoot. The Gryphon Board concluded that a potential transaction could achieve Gryphon’s goals of (i) achieving scale and (ii) returning to compliance with Nasdaq’s continuing listing standards. The Gryphon Board instructed Gryphon’s management to continue discussions with Hut 8. Later on March 12, 2025, Mr. Gutterman called Mr. Genoot to discuss the meeting. On March 13, 2025, members of Gryphon’s management team held further conversations with members of Hut 8’s management team to discuss a possible transaction with a subsidiary of Hut 8. The teams discussed Gryphon stockholders retaining a 2% equity interest in the post -transactioncompany. Members of Gryphon’s management stated that they