On June 24, 2024, Riot Platforms, Inc., a Bitcoin mining and digital infrastructure company, announced its intention to reconstitute the board of directors of Bitfarms Ltd. by requisitioning a special meeting of shareholders. Riot, which owns approximately 14.9% of Bitfarms' common shares, has withdrawn its previous proposal to acquire Bitfarms for US$2.30 per share and is seeking to engage with a reconstituted board on a potential business combination. Riot has nominated three independent directors to replace current board members, citing the need for change due to poor corporate governance and the board's inability to realize Bitfarms' full potential. Riot has also applied to the Ontario Capital Markets Tribunal to cease-trade the shareholder rights plan adopted by Bitfarms' board. The move comes...Show More

On June 24, 2024, Riot Platforms, Inc., a Bitcoin mining and digital infrastructure company, announced its intention to reconstitute the board of directors of Bitfarms Ltd. by requisitioning a special meeting of shareholders. Riot, which owns approximately 14.9% of Bitfarms' common shares, has withdrawn its previous proposal to acquire Bitfarms for US$2.30 per share and is seeking to engage with a reconstituted board on a potential business combination. Riot has nominated three independent directors to replace current board members, citing the need for change due to poor corporate governance and the board's inability to realize Bitfarms' full potential. Riot has also applied to the Ontario Capital Markets Tribunal to cease-trade the shareholder rights plan adopted by Bitfarms' board. The move comes after a year of unsuccessful engagement with Bitfarms' board regarding a potential merger. Riot's action reflects its belief that a combination of the two companies would create a leading, geographically diversified Bitcoin miner. The company has filed an early warning report and will be filing a dissident information circular in due course.