Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 80

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 80
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 prior to the Closing. As of June 25, 2025, Gryphon has incurred approximately
$0.9 million of fees and expenses related to the Mergers, primarily consisting of legal, audit and accounting fees, and anticipates incurring
approximately $1.1 million of additional fees and expenses prior to the Closing. Actual transaction costs may substantially exceed Gryphon’s
and ABTC’s respective estimates and may have an adverse effect on the Combined Company’s financial condition and operating
results.

In addition, the Combined Company may also incur
significant integration-related fees and costs related to formulating and implementing integration plans, including facilities and systems
consolidation costs and employment-related costs. Gryphon and ABTC continue to assess the magnitude of these costs and additional unanticipated
costs may be incurred in the Mergers and the integration of the two companies’ businesses.

Gryphon or ABTC may waive one or more of
the Closing conditions without re-soliciting stockholder approval.

Gryphon or ABTC may determine to waive, in whole
or in part, one or more of the conditions to its obligations to consummate the Mergers. Gryphon and ABTC expect to evaluate the materiality
of any waiver and its effect on Gryphon or ABTC stockholders, as applicable, in light of the facts and circumstances at the time to determine
whether any amendment of the merger proxy statement/prospectus or any re-solicitation of proxies, approvals or voting cards is required
in light of such waiver. Any determination to waive any condition to the Mergers or as to re-soliciting stockholder approval or amending
the merger proxy statement/prospectus as a result of a waiver will be made by Gryphon or ABTC, as applicable, at the time of such waiver
based on the facts and circumstances as they exist at that time.

Following the completion of the Mergers,
the Combined Company may issue additional securities.

Following the completion of the Mergers, the Combined
Company may issue additional securities (including equity securities) to finance its activities. If the Combined Company were to issue
additional equity securities, the ownership interest of existing Gryphon and ABTC stockholders may be diluted and some or all of the Combined
Company’s financial measures on a per share basis could be reduced. Moreover, as the Combined Company’s intention to issue
additional equity securities becomes publicly known, the Combined Company’s share price may be materially adversely affected.

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