Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 4

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 4
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 the “Combined Company.”

The ABTC Merger Agreement
provides that, prior to the effective time of the First Merger (the “First Effective Time”), The Company will file a new
amended and restated certificate of incorporation (the “New Charter”) that, among other things, will (i) rename and
reclassify the Company’s existing common stock, into Class A common stock, par value $0.0001 per share (the “Gryphon
Class A Common Stock”), establish a new series of common stock designated as Class B common stock, par value $0.0001 per share
(the “Gryphon Class B Common Stock”) and establish a new series of common stock designated as Class C common stock, par
value $0.0001 per share. Each share of Gryphon Class A Common Stock will be entitled to one vote per share, and each share of
Gryphon Class B Common Stock will be entitled to 10,000 votes per share.

At the First Effective Time:

●each share of Class A common stock, par value $0.0001, of ABTC (“ABTC Class A Common Stock”) issued and outstanding immediately prior to the First Effective Time will be converted into the right to receive a number of shares of Gryphon Class A Common Stock, equal to an exchange ratio calculated pursuant to the terms set forth in the ABTC Merger Agreement (the “Exchange Ratio”), as merger consideration in the First Merger (such shares in aggregate, the “Class A Merger Consideration”); and

●each share of Class B common
stock, par value $0.0001, of ABTC (“ABTC Class B Common Stock” issued and outstanding immediately prior to the First Effective
Time will be converted into the right to receive a number of shares of Gryphon Class B Common Stock equal to the Exchange Ratio, as merger
consideration in the First Merger, (such shares in the aggregate, the “Class B Merger Consideration”, and together with the
Class A Merger Consideration, the “Merger Consideration”).

6

At the effective time of
the Second Merger (the “Second Effective Time”):

●each share of common stock
of the First Merger Surviving Corporation issued and outstanding immediately prior to the Second Effective Time will automatically be
canceled and retired and will cease to exist, and no consideration shall be delivered in exchange therefor;

●each equity interest of Merger
Sub