Gryphon Digital Mining Shareholders Approve Merger with American Bitcoin; Reverse Stock Split Set
MT Newswires Live
Aug 29
Gryphon Digital Mining (GRYP) said Friday that its shareholders approved the proposed merger with American Bitcoin.
As part of the transaction and to comply with Nasdaq's minimum bid price requirements, Gryphon authorized a 5-for-1 reverse stock split of its outstanding common shares, reducing the number of shares to 16.6 million, the company said.
The split will be effective Tuesday, and the combined company's stock will begin trading on Nasdaq under the name American Bitcoin with the ticker ABTC.
American Bitcoin is a majority-owned subsidiary of Hut 8 (HUT).
Gryphon shares fell 12% in Friday trading, and Hut 8 dropped 1.2%.
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