Gryphon Digital Mining, Inc. (Nasdaq: GRYP) announced stockholder approval of the stock-for-stock merger transaction with American Bitcoin, following a reverse stock split at a 5-for-1 ratio.
The Reverse Stock Split will not affect market capitalization but is crucial for Nasdaq listing compliance post-merger.
Post-split, the Company's common stock will trade as Class A Common Stock under the ticker symbol 'ABTC.'
Stockholder Approval
Stockholders of Gryphon Digital Mining, Inc. approved the stock-for-stock merger transaction with American Bitcoin.
Reverse Stock Split
A 5-for-1 reverse stock split was implemented to meet Nasdaq's listing requirements post-merger.
Trading Update
Post-merger, the Company's common stock will trade as Class A Common Stock under the ticker symbol 'ABTC.'
- The Reverse Stock Split will significantly reduce the number of outstanding shares from 82.8 million to approximately 16.6 million.
- Strategically, the merger transaction with American Bitcoin aims to enhance Gryphon's position in the Bitcoin mining industry.
- The trading of Gryphon's common stock as ABTC post-merger signifies a brand shift towards American Bitcoin.
Gryphon Digital Mining's stockholder approval of the merger with American Bitcoin and the subsequent Reverse Stock Split signal significant strategic moves in the Bitcoin mining space.