Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 260

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 260
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 incident to obtaining stockholder approval for a particular issuance. Advisory Proposal No. 5 — Voting Rights The Proposed Charter provides that, except as required by applicable law, each share of Class A Common Stock will entitle the holder to one (1) vote per share, each share of Class B Common Stock will entitle the holder to ten -thousand(10,000) votes per share and each share of Class C Common Stock will entitle the holder to ten (10) votes per share, in each case, on any matter submitted to the stockholders of the Combined Company for a vote or approval, voting together as a single class. Upon the Closing, it is expected that ABH, a wholly owned subsidiary of Hut8, will control approximately % of the voting power of the Combined Company. Accordingly, if the Mergers are consummated, ABH will, except as required by law, have the unilateral power to control the outcome of all matters submitted to the Combined Company’s stockholders for approval, including the election of directors. The Gryphon Board believes that the proposed multi -classstock structure will preserve ABTC’s existing founder -ledgovernance structure, promote management retention and engagement, permit the Combined Company to continue to prioritize long -termgoals rather than short -termresults, enhance the likelihood of continued stability in the composition of the Combined Company Board and its policies and discourage certain types of transactions that may involve an actual or threatened acquisition of the Combined Company, all of which the Gryphon Board believes is essential to the long -termsuccess of the Combined Company and to long -termstockholder value. 136 Advisory Charter Proposal 6 — Stockholder Action by Written Consent The Proposed Charter permits any action that is required or permitted to be taken by the stockholders of the Combined Company to be effected by written consent in lieu of a meeting until the Voting Threshold Date and thereafter any action required or permitted to be taken by the stockholders of the Combined Company must be effected at a duly called annual or special meeting of stockholders of the Combined Company. The Gryphon Board believes it is appropriate to permit stockholder action by written consent for so long as ABH and other holders of Class B Common Stock hold at least 50% of the voting power of the Combined Company’s outstanding shares, as this provision will allow the Combined Company to take corporate action faster and more efficiently than if a stockholder meeting were required. The Gryphon Board believes that eliminating the right of Combined Company stockholders, after the Voting Threshold Date,