Company: ABTC
Filing Date: 2025-07-29
Form Type: S-4/A
Source: 0001213900-25-068715
Chunk: 177

Company: American Bitcoin Corp.
Filing Date: 2025-07-29
Form: S-4/A
Chunk 177
---
 of the draft voting and support agreement contemplated to be signed by Anchorage. During the course of May 9, 2025, representatives of Skadden and EGS exchanged revised drafts of the Merger Agreement to finalize certain outstanding terms, including, among other things, a covenant of Gryphon requiring the termination of the Captus Agreement (or its assignment to an unaffiliated third party) prior to the Closing, other conditions to the Closing, the parties’ termination rights and the amount of the termination fee. On May 9, 2025, a meeting of the Gryphon Board, with representatives of EGS present, was held via teleconference, with members of Gryphon’s management team and representatives of Marshall & Stevens and EGS in attendance. During the meeting, Marshall & Stevens presented its fairness opinion to the Gryphon Board, which determined that the Merger Consideration and the Exchange Ratio were fair, from a financial point of view, to Gryphon. Representatives of EGS then reminded the Gryphon Board of its fiduciary duties under Delaware law in connection with the Mergers, which had been discussed with the Gryphon Board throughout the process. Thereafter, having reviewed the substantially final drafts of the Merger Agreement and related ancillary documents and schedules, considered ABTC’s requirement that the Captus Agreement be terminated or assigned prior to the Closing as it does not fit into their business plans, as well as the lack of certainty in Gryphon’s ability to raise the Captus Consideration on acceptable terms or at all and to raise funding to develop the Captus Assets following their acquisition or being able to regain Nasdaq compliance if it pursued this acquisition, reviewed the due diligence conducted by Gryphon and its advisors on ABTC and evaluated the fairness opinion presented by Marshall & Stevens and based on the factors set forth in the section titled “ The Mergers — Gryphon’s Reasons for the Approval of the Mergers,” the Gryphon Board unanimously: determined that the Merger Agreement, the Mergers and the other transactions contemplated thereby are advisable, fair to and in the best interests of Gryphon and its stockholders; approved, adopted and declared advisable the Merger Agreement and the Mergers; and determined to solicit, upon the terms and subject to the conditions set forth in the Merger Agreement, the approval of the Gryphon stockholders of the Proposals. Later on May 9, 2025, the parties and their respective advisors resolved the remaining open issues in the transaction documents, within parameters previously