Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 170

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 170
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 would consider this retained equity interest so long as it was accretive to Gryphon stockholders. On March 24 and March 25, 2025, members of Gryphon’s management and Hut 8’s management held further meetings via videoconference to discuss a potential transaction, focusing on equity ownership, voting power, capitalization and management of the combined company following the potential transaction. On March 31, 2025, representatives of Gryphon’s and Hut 8’s management met by videoconference to hold discussions about a potential merger transaction between ABTC, a subsidiary of Hut8, and Gryphon. During this call, members of Hut 8 management confirmed their position that Gryphon stockholders would retain a 2% equity stake in the combined company, based on the relative anticipated value of Gryphon and ABTC, with current stockholders of ABTC, including Hut8, receiving a newly -created, high -votingclass of stock. 75 On April 1, 2025, a representative of ABTC sent to Gryphon a draft non -bindingterm sheet outlining the key terms of a potential merger between a wholly owned subsidiary of Gryphon and ABTC. Among other things, the term sheet contemplated that: existing Gryphon stockholders would retain 2% of the outstanding equity interests in the Combined Company, with the remainder held by ABTC stockholders; that the management and board of directors of the Combined Company would be selected by ABTC; that current stockholders of ABTC, including Hut8, would hold their shares in the combined company in the form of a newly -created, super -votingclass of common stock; and that the New Loan Agreement would be repaid in full prior to the closing of any transaction. On April 2, 2025, members of the Gryphon Board and representatives of Gryphon’s and ABTC’s management teams held a call to discuss the draft term sheet. On April 4, 2025, Gryphon’s management held a meeting via telephone with representatives of Anchorage. During the call, representatives of Gryphon’s management raised the possibility of the potential transaction with ABTC and Anchorage indicated that it would be supportive of the transaction. On April 5, 2025, a meeting of the Gryphon Board was held via teleconference, during which the Gryphon Board and Gryphon’s management discussed the term sheet, including the voting power contemplated to be held by stockholders of ABTC in the Combined Company in the form of the