Company: ABTC
Filing Date: 2025-07-22
Form Type: S-4/A
Source: 0001213900-25-066299
Chunk: 167

Company: American Bitcoin Corp.
Filing Date: 2025-07-22
Form: S-4/A
Chunk 167
---
 over $35 million and a price per share of Gryphon Common Stock of over $1.00. The Gryphon Board concluded that a significant transaction, in addition to providing a strategic benefit by creating scale, could potentially address Gryphon’s Nasdaq listing issues. On October 18, 2024, a meeting of the Gryphon Board, with representatives from EGS present, was held via teleconference, during which management for Gryphon discussed its ongoing efforts to find strategic partners, which did not yet include Hut 8. The Gryphon Board also discussed potential terms for the New Loan Agreement. In early December 2024, members of Gryphon’s management discussed with representatives of Anchorage a possible introduction to the management team of Hut 8. Gryphon’s management believed that a conversation between Gryphon and Hut 8 could further Gryphon’s goals of achieving scale and ensuring a return to Nasdaq compliance. Specifically, Gryphon’s management team believed that a strategic transaction, in which Gryphon would be the acquired company, would enable Gryphon to achieve scale that would be difficult for it to achieve on its own, which could resolve Gryphon’s outstanding Nasdaq deficiencies. On December 26, 2024, Gryphon’s management held an introductory call with certain members of Hut 8’s management. The companies discussed potential areas of collaboration between the two companies and whether such collaboration could benefit both companies’ stockholders. At this time, the conversation was focused on a combination of Hut 8 assets with Gryphon assets. On February 7, 2025, another call was held between members of Gryphon’s management and Hut 8’s management. During the call, the management teams discussed in concept the possibility of a transaction to combine their respective Bitcoin mining operations, including the possibility of using as a counterparty for a transaction a new subsidiary Hut 8was considering forming in connection with its Bitcoin mining operations. Gryphon’s management acknowledged that, as the significantly smaller of the two parties and operations, any combination would likely result in Gryphon’s management ceding operational control of a combined entity to Hut 8. 74 On February 14, 2025, members of Gryphon’s management held in -personmeetings with several investment bankers in New York. The purpose of these meetings was to discuss Gryphon’s position in the market and to evaluate feedback on potential strategic alternatives for Gryphon, including the possibility of a business combination in which Gryphon would be acquired by a third party. The feedback from the investment bankers