Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 3

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 3
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 As a result, the assets, liabilities, and historical operations reflected
in these financial statements are those of lvy, as if lvy had always been the reporting company.

The Akerna net book value of approximately $(2,256,000)
consisted of $500,000 of cash, prepaid expense of approximately $98,000 and liabilities of approximately $2,854,000.

On April 20, 2022, Ivy formed
a limited liability company named Gryphon Opco I LLC (“GOI”). GOI aims to engage in any activity for which limited liability
companies may be organized in the State of Delaware.

On December 20, 2024, the
Company formed a wholly owned subsidiary Canada corporation named 2670786 Alberta LTD (“Alberta LTD”). Alberta LTD was formed
to be the holding company for the prospective acquisition of Captus Energy.

On May 6, 2025, the Company formed wholly owned subsidiaries GDM Merger
Sub Inc. and GDM Merger Sub II LLC to be used for the merger with ABTC.

ABTC Merger Agreement

On
May 9, 2025, the Company, GDM Merger Sub I Inc., a Delaware corporation and wholly owned direct subsidiary of Gryphon (“Merger
Sub Inc.”), GDM Merger Sub II LLC, a Delaware limited liability company and wholly owned direct subsidiary of Gryphon (“Merger
Sub LLC”), and American Bitcoin Corp., a Delaware corporation (“ABTC”), entered into an Agreement and Plan of Merger
(the “ABTC Merger Agreement”).  

The ABTC Merger Agreement
provides that, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement:

●Merger Sub Inc. will merge
with and into ABTC, with ABTC surviving the merger (the “First Merger”) as a wholly owned direct subsidiary of Gryphon (the
corporation surviving the First Merger, the “First Merger Surviving Corporation”); and

●immediately after the First
Merger, the First Merger Surviving Corporation will merge with and into Merger Sub LLC, with Merger Sub LLC surviving the merger (the
“Second Merger” and, taken together with the First Merger, the “Mergers”) as a wholly owned direct subsidiary
of the Company (the company surviving the Second Merger, the “Surviving Company”). The Company following the Mergers is referred
to herein as