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Bitfarms | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Jun 11 04:59
Summary by Futu AI
On June 10, 2024, Bitfarms Ltd., a global Bitcoin mining company, announced the unanimous approval by its Board of Directors of a shareholder rights plan (Rights Plan) to ensure the integrity of its ongoing strategic alternatives review process. The Rights Plan was adopted in response to Riot Platforms, Inc.'s unsolicited proposal to acquire all issued and outstanding common shares of Bitfarms and its subsequent actions, which the Special Committee believes significantly undervalues the company. Riot, holding 11.62% of Bitfarms' voting securities, has been acquiring additional shares in an attempt to circumvent the strategic review process. The Rights Plan, effective June 10, 2024, will issue rights to shareholders at the close of business on June 20, 2024, allowing them to purchase common shares at a discount if...Show More
On June 10, 2024, Bitfarms Ltd., a global Bitcoin mining company, announced the unanimous approval by its Board of Directors of a shareholder rights plan (Rights Plan) to ensure the integrity of its ongoing strategic alternatives review process. The Rights Plan was adopted in response to Riot Platforms, Inc.'s unsolicited proposal to acquire all issued and outstanding common shares of Bitfarms and its subsequent actions, which the Special Committee believes significantly undervalues the company. Riot, holding 11.62% of Bitfarms' voting securities, has been acquiring additional shares in an attempt to circumvent the strategic review process. The Rights Plan, effective June 10, 2024, will issue rights to shareholders at the close of business on June 20, 2024, allowing them to purchase common shares at a discount if an acquiring person, together with related persons, becomes the beneficial owner of 15% or more of the outstanding common shares by September 10, 2024, or 20% thereafter, without complying with the 'Permitted Bid' provisions. The Rights Plan is subject to shareholder ratification within six months and acceptance by the Toronto Stock Exchange. Bitfarms, founded in 2017, operates 12 Bitcoin mining facilities and is committed to using sustainable energy.

This announcement is a separate document:

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