Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 164

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 3
Chunk 164
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 Acquisition Proposal (as defined in the ABTC Merger Agreement) or
any other proposal with respect to Gryphon that is in opposition to or in competition with, the Mergers. As a result, the support agreements
may discourage other parties from attempting to engage in a transaction with Gryphon, even if those parties would otherwise be willing
to offer greater value to Gryphon stockholders than that offered by ABTC under the Mergers.

Gryphon will be subject to certain contractual
restrictions while the Mergers are pending.

The ABTC Merger Agreement restricts Gryphon from making certain acquisitions
and divestitures, entering into certain contracts, incurring certain indebtedness and expenditures, paying dividends, repurchasing or,
with respect to Gryphon, issuing equity securities outside certain limited exceptions and taking other specified actions until the earlier
of the Closing or the termination of the ABTC Merger Agreement without the consent of the other party. These restrictions may prevent
Gryphon from pursuing attractive business opportunities that may arise prior to the Closing and could have the effect of delaying or preventing
other strategic transactions. Adverse effects arising from the pendency of the Mergers could be exacerbated by any delays in the Closing
or the termination of the ABTC Merger Agreement.

The market price of Gryphon Common Stock
may decline and the value of ABTC’s securities may be adversely affected as a result of the announcement and pendency of the Mergers.

The market price of Gryphon Common Stock may decline
and the value of ABTC’s securities may be adversely affected as a result of the announcement and pendency of the Mergers for a number
of reasons, including if:

●investors react negatively to the prospects of the Combined
Company’s business and financial condition following the Mergers; and/or

●the attention of Gryphon or ABTC management is directed towards
the Closing and other transaction-related considerations and is diverted from the day-to-day business operations of Gryphon or ABTC,
as applicable and matters related to the Mergers require commitments of time and resources that could otherwise have been devoted to
other opportunities that might have been beneficial to Gryphon or ABTC, as applicable.

A decline in the market price of Gryphon Common
Stock or an adverse effect upon the value of ABTC’s securities could adversely affect the businesses of, or harm the financial condition,
results of operations or business prospects of, Gryphon, ABTC or the Combined Company.

43

If