On September 23, 2024, Riot Platforms, Inc., a Nevada-based corporation, filed an amendment to Schedule 13D with the SEC, detailing its beneficial ownership and voting power in Bitfarms Ltd., a Canadian corporation. Riot Platforms reported sole voting and dispositive power over 90,110,912 common shares of Bitfarms, representing 19.9% of the class. The filing also announced a settlement agreement between Riot Platforms and Bitfarms, which led to board changes and the withdrawal of a requisition for a special shareholders' meeting. The agreement stipulates a special meeting by November 20, 2024, to approve board expansion, elect a new independent director, and ratify a shareholder rights plan. Riot Platforms agreed to vote in favor of these matters and to certain standstill provisions effective until June 1, 2026, or the day after...Show More

On September 23, 2024, Riot Platforms, Inc., a Nevada-based corporation, filed an amendment to Schedule 13D with the SEC, detailing its beneficial ownership and voting power in Bitfarms Ltd., a Canadian corporation. Riot Platforms reported sole voting and dispositive power over 90,110,912 common shares of Bitfarms, representing 19.9% of the class. The filing also announced a settlement agreement between Riot Platforms and Bitfarms, which led to board changes and the withdrawal of a requisition for a special shareholders' meeting. The agreement stipulates a special meeting by November 20, 2024, to approve board expansion, elect a new independent director, and ratify a shareholder rights plan. Riot Platforms agreed to vote in favor of these matters and to certain standstill provisions effective until June 1, 2026, or the day after Bitfarms' 2026 annual meeting, whichever comes first. These provisions include restrictions on acquiring additional shares, voting, and litigation, with certain conditions for termination. The agreement also grants Riot Platforms rights to purchase additional shares, subject to maintaining a minimum ownership threshold. The announcement was accompanied by a joint press release and a separate press release by Riot Platforms in compliance with Canadian securities laws.