Company: ABTC
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-069998
Chunk: 286

Company: American Bitcoin Corp.
Filing Date: 2025-07-31
Form: 424B3
Chunk 286
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98.0% of the outstanding equity interests of the Combined Company, on a fully diluted basis. The pro forma adjustments included to unaudited pro forma condensed combined statement of operation for the year ended December 31, 2024, are as follows: (q)Reclassification of stock -based compensation expense to be in conformity of ABTC’s presentation. (r)To reflect the $0.3 million loss on deposit related to Captus. (s)To reflect the impact to depreciation as a result of fair value adjustment to Gryphon property and equipment. (t)To reflect change in accounting policy related to fair value of Gryphon debt. (u)Elimination of interest expense related to Gryphon debt eliminated upon the Closing. (v)To record transaction -related costs related to the Transactions. (w)Adjustment to net loss per share — basic and diluted from (1) the issuance of 24,285,214 shares of Gryphon Common Stock underlying certain Gryphon warrants, RSUs, options, and at -the -market issuances and (2) the exchange of 50,500,000 shares of ABTC Class B Common Stock for Class B Common Stock at the exchange ratio resulting in holders of ABTC Common Stock owning approximately 98.0% of the outstanding equity interests of the Combined Company, on a fully diluted basis. 158 5.Management Pro Forma Adjustments The management pro forma adjustments are based on the management of Gryphon’s and the management of ABTC’s assessment that, in order to fairly present the pro forma information included herein, historical unrealized gains and losses related to Bitcoin should be adjusted to only reflect the mark -to -marketimpact of Bitcoin accumulated during the historical periods presented, rather than for all Bitcoin accumulated by ABTC since inception of Hut8, as all Bitcoin accumulated by ABTC until March 31, 2025 was retained by Hut 8 upon the consummation of the Contributions. Management of Gryphon and the management of ABTC believe that adjusting these gains and losses in the unaudited pro forma condensed combined statements of operations would better reflect the Combined Company’s financial results as (i) the Combined Company intends to accumulate Bitcoin, which would result in mark -to -marketimpacts on the Combined Company’s balance sheet for each reporting period and (ii) following the Closing, the Combined Company will only retain the Bitcoin accumulated by ABTC following the Contributions. The unrealized gains and losses reflect the quantity of the Bitcoin accumulated by the Combined