Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 226

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 226
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 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 the Mergers are not completed, the Gryphon
Board may decide to pursue a dissolution and liquidation of Gryphon. In such an event, the amount of cash available for distribution to
its stockholders will depend heavily on the timing of such liquidation as well as the amount of cash that will need to be reserved for
commitments and contingent liabilities.

There can be no assurance that the Mergers will
be completed. If the Mergers are not completed, the Gryphon Board may decide to pursue a dissolution and liquidation of Gryphon. In such
an event, the amount of cash available for distribution to Gryphon stockholders will depend heavily on the timing of such decision, as
with the passage of time the amount of cash available for distribution is expected to be reduced as Gryphon continues to fund its operations
and transaction-related expenses. In addition, if the Gryphon Board were to approve and recommend and Gryphon stockholders were to approve,
a dissolution and liquidation of Gryphon, Gryphon would be required under Delaware corporate law to pay its outstanding obligations, as
well as to make reasonable provision for contingent and unknown obligations, prior to making any distributions in liquidation to Gryphon
stockholders. As a result of this requirement, a portion of Gryphon’s remaining cash assets may need to be reserved pending the
resolution of such obligations. In addition, Gryphon may be subject to litigation or other claims related to a dissolution and liquidation.
If a dissolution and liquidation were pursued, the Gryphon Board, in consultation with its advisors, would need to evaluate these matters
and make a determination about a reasonable amount to reserve. Accordingly, holders of Gryphon Common Stock could lose all or a significant
portion of their investment in the event of liquidation, dissolution or winding up of Gryphon