Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 489

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 489
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ger and the Reverse Stock Split, the Company had 38,038,533shares of common stock outstanding. On February 9, 2024, the common stock began trading on the Nasdaq under the symbol “GRYP.” All share and per -sharedata presented in these consolidated financial statements have been adjusted for the exchange ratio. As contemplated by the Merger Agreement, Akerna’s operations were sold concurrently with the closure of the merger, so the Company’s operations after the Merger are those of Ivy. Ivy is treated as the accounting acquirer in the Merger as its stockholders, board of directors, and management control the Company after the Merger, even though Akerna was the legal acquirer. The Merger was treated as a reverse recapitalization of Ivy effected by a share exchange for a financial account and reporting purposes since all of Akerna’s operations were disposed of as part of the consummation of the Merger. Therefore, Ivy recorded no goodwill or other intangible assets as a result of the merger. The Merger was treated as if Ivy issued 2,921,362shares of common stock for the $( 2,256,000) net book value of Akerna. As a result, the assets, liabilities, and historical operations reflected in these financial statements are those of Ivy, as if Ivy had always been the reporting company. The Akerna net book value of approximately $( 2,256,000) consisted of $ 500,000of cash, prepaid expense of approximately $ 98,000and 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, as further described in Note 13 — Subsequent Events. Reclassification Certain reclassifications have been made to the 2023 consolidated financial statements in order to conform to the current period presentations. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly -ownedsubsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. Going Concern The accompanying consolidated financial statements have been prepared in conformity with accounting principles