Summary by Futu AI
On June 24, 2024, Bitfarms Ltd., a global Bitcoin mining company, confirmed receipt of a shareholder meeting requisition from Riot Platforms, Inc. aimed at gaining control of Bitfarms' Board of Directors. The requisition follows a proposal from Riot on April 22, 2024, to purchase Bitfarms shares at $2.30 each, a 22% discount to the company's closing price as of June 21, 2024. Bitfarms' Board established a Special Committee to review strategic alternatives to maximize shareholder value, which found Riot's offer to undervalue the company. Despite repeated invitations to Riot to engage in the review process and a confidentiality and standstill agreement, Riot has not participated constructively. Bitfarms' Board and Special Committee remain focused on securing the best outcome for all shareholders. The company has advised shareholders that no action is required at this time and has engaged Moelis & Company LLC as financial advisor, with legal advice from Skadden, Arps, Slate, Meagher & Flom LLP, Peterson McVicar LLP, and McMillan LLP. Strategic advisors and proxy solicitation agents include Innisfree M&A Incorporated and Laurel Hill Advisory Group.