Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 22

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 22
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 money deposit, (ii) on August 19, 2024, $50,000 of the Purchase Price was paid.

15

On August 29, the Company
entered into an amendment to the Giga Purchase Agreement (“Giga Amendment”). The Giga Amendment amended the deadline for the
closing date of the Giga Transaction from August 31, 2024 to September 30, 2024. In connection with the Giga Amendment, the Company agreed
to make an additional advance payment of $250,000, which was paid on August 29, 2024. As a result of this additional advance payment,
the parties agreed that the remaining Giga Purchase Price final payment will be in two payments of $575,000. As such the total Giga purchase
price remains $1,500,000. The parties further agreed that out of the pre-paid amounts of $350,000, $100,000 will not be refundable to
the Company if the Giga Transaction is terminated prior to the closing date, except to the extent such termination is the result of the
Seller’s breach of the Giga Purchase Agreement, in which case all pre-paid amounts shall be refunded to the Company. In March 2025,
the Company canceled the Giga Purchase Agreement and expensed the deposits of approximately $350,000 classified as the merger and acquisition
expenses in accompanying unaudited condensed consolidated statement of operations.

Captus Energy

On January 8, 2025, the Company and Alberta Ltd.,
entered into a Share and Unit Purchase Agreement (the “Captus Agreement”) with BTG Energy Corp., a Canadian corporation (“BTG
Energy”), BTG Power Corp., a Canadian corporation (“BTG Power”) and West Lake Energy Corp., a Canadian corporation (“West
Lake,” and together with BTG Energy and BTG Power, the “Vendors”). Pursuant to the Captus Agreement, the Company will
acquire from the Vendors all of the issued and outstanding shares or units, as applicable, of (i) Captus Generation Ltd. (“Captus
GP”) and BowArk Energy Ltd., each a Canadian corporation, and (ii) Captus General Limited Partnership, a Canadian limited partnership
(collectively “Captus Energy,” and the transaction contemplated by the Captus Agreement, the “Captus Acquisition”).

Captus GP owns 850 acres
in Pincher Creek, Alberta (the “Captus Site”). The acreage contains characteristics management considers to be