Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 170

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 170
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 equity interests in the Combined Company, with the remainder held by ABTC stockholders; that the management and board of directors of the Combined Company would be selected by ABTC; that current stockholders of ABTC, including Hut8, would hold their shares in the combined company in the form of a newly -created, super -votingclass of common stock; and that the New Loan Agreement would be repaid in full prior to the closing of any transaction. On April 2, 2025, members of the Gryphon Board and representatives of Gryphon’s and ABTC’s management teams held a call to discuss the draft term sheet. On April 4, 2025, Gryphon’s management held a meeting via telephone with representatives of Anchorage. During the call, representatives of Gryphon’s management raised the possibility of the potential transaction with ABTC and Anchorage indicated that it would be supportive of the transaction. On April 5, 2025, a meeting of the Gryphon Board was held via teleconference, during which the Gryphon Board and Gryphon’s management discussed the term sheet, including the voting power contemplated to be held by stockholders of ABTC in the Combined Company in the form of the newly created, super -votingclass of common stock. In light of the fact that ABTC stockholders were contemplated to own 98% of the outstanding equity interests of the Combined Company, the Gryphon Board became comfortable with the voting power arrangement contemplated by the term sheet. The Gryphon Board also discussed the Captus Agreement and the transactions contemplated thereby, which represented an alternative to moving forward with the proposed transaction with ABTC. Pursuant to the terms of the Captus Agreement, which had previously been entered into on January8, 2025, the Captus Purchaser was contemplated to acquire a natural gas energy site in Southern Alberta (the “ Captus Assets”) through the purchase from the Vendors all of the issued and outstanding shares or units, as applicable, of Captus Generation Ltd. and BowArk Energy Ltd., each a Canadian corporation, and Captus General Limited Partnership, a Canadian limited partnership. The transactions contemplated by the Captus Agreement were originally expected to close by July8, 2025 (after taking into account an automatic 90 -dayextension of the stated closing date under the Captus Agreement) upon the payment of CAD $22,800,000 (the “ Captus Consideration”) to the Vendors and the satisfaction of other conditions to closing. At the time of