Summary by Futu AI
Bitfarms Ltd., a blockchain infrastructure company, has announced the implementation of a Shareholder Rights Plan, effective June 10, 2024, following approval by its board of directors on June 8, 2024. The Rights Plan aims to provide the board with adequate time to evaluate and potentially develop alternatives to any unsolicited offers to acquire the company's common shares. The Rights Plan, which must be ratified by shareholders within six months, will issue one right for each common share outstanding at the close of business on June 20, 2024. These rights are not initially exercisable but will become so upon certain triggering events, such as an individual or group acquiring a specified percentage of the voting shares. The Rights Plan also details provisions for Permitted Bids, Competing Permitted Bids, and the conditions under which the rights may be redeemed or amended. The full terms of the Rights Plan are outlined in the Shareholder Rights Plan Agreement, which is included as an exhibit to the registration statement filed with the SEC.