On July 24, 2024, Bitfarms Ltd., a global Bitcoin data center company, responded to the Capital Markets Tribunal of the Ontario Securities Commission's decision to cease trade the company's shareholder rights plan. The Tribunal's decision came after hearings on July 22 and 23, 2024. Subsequently, Bitfarms' Board, with the unanimous recommendation of its independent Special Committee, approved a new shareholder rights plan to ensure fair and equal treatment of all shareholders in the event of an unsolicited take-over bid or other acquisition of control. The new plan is designed to protect against 'creeping bids' and is not in response to any specific proposal to acquire control of Bitfarms. However, the company is aware of Riot Platforms, Inc.'s intention to replace...Show More

On July 24, 2024, Bitfarms Ltd., a global Bitcoin data center company, responded to the Capital Markets Tribunal of the Ontario Securities Commission's decision to cease trade the company's shareholder rights plan. The Tribunal's decision came after hearings on July 22 and 23, 2024. Subsequently, Bitfarms' Board, with the unanimous recommendation of its independent Special Committee, approved a new shareholder rights plan to ensure fair and equal treatment of all shareholders in the event of an unsolicited take-over bid or other acquisition of control. The new plan is designed to protect against 'creeping bids' and is not in response to any specific proposal to acquire control of Bitfarms. However, the company is aware of Riot Platforms, Inc.'s intention to replace three directors at Bitfarms' upcoming special meeting of shareholders on October 29, 2024. Rights will be issued to shareholders at the close of business on August 6, 2024, and will become exercisable if a person acquires 20% or more of the common shares without adhering to the 'Permitted Bid' provisions. The new rights plan is effective as of July 24, 2024, but requires shareholder ratification within six months to remain in effect. If not ratified, it will terminate. The adoption of the new plan is subject to the acceptance of the Toronto Stock Exchange. Bitfarms has engaged Moelis & Company LLC as financial advisor and has legal and strategic advisors to assist with the process.