Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 203

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 203
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 use its reasonable best efforts to take all actions necessary, proper or advisable prior to the First Effective Time to enable the listing on Nasdaq of the Class A Common Stock being issued as Class A Merger Consideration, including by submitting an initial listing application with Nasdaq Stock Market LLC (the “ Listing Application”). If the Listing Application is approved, Gryphon anticipates that the Class A Common Stock will be listed on Nasdaq following the Closing under the trading symbol “ABTC.” Under the Merger Agreement, Gryphon’s and ABTC’s obligations to complete the Mergers are subject to the satisfaction or waiver by each of the parties, at or prior to the Closing, of various conditions, including that the Listing Application shall have been approved and, in the case of ABTC, that the Gryphon Common Stock not have been delisted from Nasdaq. Controlled Company Following the Closing, it is expected that ABH, a wholly owned subsidiary of Hut8, will control 80% of the shares of Class B Common Stock and a majority of the total combined voting power of the Combined Company’s outstanding capital stock. Under these rules, a Nasdaq -listedcompany of which more than 50% of the voting power is held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate governance requirements, including the requirement that a majority of the board of directors consist of independent directors; the requirement that director nominations be made or recommended to the full board of directors, by independent directors or by a nominating committee that is composed entirely of independent directors; and the requirement to have a compensation committee that is composed entirely of independent directors. The Combined Company will therefore be a “controlled company” under Nasdaq listing rules and will qualify for and intends to rely on, exemptions from certain governance standards that would otherwise be applicable. Following the Mergers, the Combined Company intends to rely on certain “controlled company” exemptions. As a result, the Combined Company is not expected to have a compensation committee and is not expected to have a nominations committee or independent nominating function. Pursuant to the Investors’ Rights Agreement, at all times when the Combined Company qualifies as a “controlled company” under the applicable rules of Nasdaq, except to the extent otherwise agreed in writing by ABH, the Combined Company will take all necessary action to avail itself of all “controlled company” exemptions to the rules of Nasdaq or any other exchange on which the equity securities of the Combined Company are then listed and will comply