On September 23, 2024, Riot Platforms, Inc., a Nevada corporation, entered into a settlement agreement with Bitfarms Ltd., a Canadian corporation. The agreement resulted in Andrés Finkielsztain resigning from Bitfarms' board of directors and the appointment of Amy Freedman to the board, as well as to its Governance and Nominating Committee and Compensation Committee. Riot Platforms also withdrew its requisition for a special meeting of Bitfarms' shareholders. The agreement stipulates that a special meeting will be held no later than November 20, 2024, to approve board expansion, elect a new independent director, and ratify a shareholder rights plan. Riot Platforms, which owns 19.9% of Bitfarms' common shares, has agreed to vote in favor of these matters. The agreement also grants Riot Platforms certain rights...Show More

On September 23, 2024, Riot Platforms, Inc., a Nevada corporation, entered into a settlement agreement with Bitfarms Ltd., a Canadian corporation. The agreement resulted in Andrés Finkielsztain resigning from Bitfarms' board of directors and the appointment of Amy Freedman to the board, as well as to its Governance and Nominating Committee and Compensation Committee. Riot Platforms also withdrew its requisition for a special meeting of Bitfarms' shareholders. The agreement stipulates that a special meeting will be held no later than November 20, 2024, to approve board expansion, elect a new independent director, and ratify a shareholder rights plan. Riot Platforms, which owns 19.9% of Bitfarms' common shares, has agreed to vote in favor of these matters. The agreement also grants Riot Platforms certain rights to purchase additional shares, subject to conditions, and includes standstill provisions that limit Riot Platforms' actions regarding the acquisition and voting of shares, among other restrictions. These provisions will remain in effect until June 1, 2026, or the day after Bitfarms' 2026 annual meeting of shareholders, whichever comes first. The agreement is enforceable as long as Riot Platforms maintains ownership of at least 7.5% of Bitfarms' issued and outstanding common shares. Both parties have agreed to a mutual non-disparagement clause. The details of the agreement were disclosed in a joint press release and separate press releases by both Riot Platforms and Bitfarms.