Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 184

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 184
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 Stevens’ opinion. The financial analyses summarized below include information presented in tabular format. In order to fully understand Marshall & Stevens’ financial analyses, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. Considering the data in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Marshall & Stevens’ financial analyses. Fees Paid to Marshall & Stevens Marshall & Stevens was engaged on a fixed fee basis in the amount of $200,000 and their compensation is not contingent upon the completion of the Mergers. Marshall & Stevens provided no additional services associated with the Mergers. Financial Projections Marshall & Stevens has not been provided with any financial projections or forecasts for ABTC. Accordingly, with the Gryphon Board’s approval, Marshall & Stevens has not used any discounted cash flow valuation methodology. Publicly Traded Market Capitalization Analyses for Gryphon Marshall & Stevens utilized two methods to approximate the value of Gryphon’s equity on a stand -alonebasis: •30 -dayVolume Weighted Average Pricing (“ VWAP”) market capitalization of $13.9 million as of April10, 2025. April10, 2025 was referenced because this was the date on which the non -bindingterm sheet for the Mergers was signed. Marshall & Stevens utilized the 30 -dayVWAP given Gryphon’s “penny -stock” status, threat of Nasdaq delisting, relatively higher bid/ask spreads and low analyst coverage (i.e., one analyst). •As a sensitivity measure, Marshall & Stevens also utilized the 30 -dayVWAP of Gryphon as of May7, 2025, which would increase the market capitalization of Gryphon to $16.7 million. This would increase the ownership proportion to 0.7% to 1.7% for Gryphon shareholders (based on a mid -pointof the sensitivity valuation range of Gryphon (between $0 to $16.7 million) compared to the two indications of value of ABTC ($480 million and $1.15 billion) (see “ Summary — Gryphon Implied Ownership Percentage Range vs. Transaction Terms” further below). Adjusted Net Book Value Analysis for Gryphon Given the current operating losses of Gryphon and the substantial doubt raised by Gryphon’s auditor about Gryphon’s ability to continue as a going concern, an