Bitfarms (BITF) Faces Shareholder Meeting Requisition from Riot Platforms

Bitfarms
Ltd.
(Nasdaq/TSX:
BITF),
a
global
Bitcoin
vertically
integrated
company,
has
confirmed
receipt
of
a
shareholder
meeting
requisition
from
Riot
Platforms,
Inc.
This
requisition
aims
to
gain
control
of
Bitfarms’
Board
of
Directors,
according
to

GlobeNewswire.

Bitfarms’
Response
to
Riot’s
Proposal

The
Bitfarms
Board
of
Directors
and
management
team
have
reiterated
their
commitment
to
acting
in
the
best
interests
of
the
company
and
its
shareholders.
A
Special
Committee
of
independent
directors
was
established
to
review
strategic
alternatives
and
maximize
shareholder
value.
The
committee
found
Riot’s
April
22,
2024
proposal
of
$2.30
per
share,
which
represented
a
22%
discount
to
Bitfarms’
closing
price
as
of
June
21,
2024,
to
significantly
undervalue
the
company.

Despite
offering
Riot
a
confidentiality
and
standstill
agreement
to
facilitate
a
better
proposal,
Riot
declined
to
engage
constructively.
The
Special
Committee
expressed
disappointment
over
Riot’s
continued
attempts
to
undermine
the
process
and
harm
other
shareholders’
interests.

Commitment
to
Shareholders

Bitfarms
emphasized
its
commitment
to
constructive
engagement
with
all
shareholders
and
will
review
the
requisition,
providing
updates
in
due
course.
Currently,
no
action
is
required
from
Bitfarms
shareholders.

Advisors
and
Legal
Counsel

Bitfarms
has
engaged
Moelis
&
Company
LLC
as
its
financial
advisor
and
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP,
Peterson
McVicar
LLP,
and
McMillan
LLP
as
legal
advisors.
Innisfree
M&A
Incorporated
and
Laurel
Hill
Advisory
Group
have
been
retained
as
strategic
advisors
and
proxy
solicitation
agents.

About
Bitfarms
Ltd.

Founded
in
2017,
Bitfarms
is
a
global
Bitcoin
mining
company
that
contributes
computational
power
to
mining
pools,
receiving
payment
in
Bitcoin.
The
company
operates
12
Bitcoin
mining
facilities
and
is
developing
an
additional
site.
Bitfarms
is
committed
to
using
sustainable
energy,
predominantly
hydro-electric
power.

For
more
information
about
Bitfarms,
visit
their

website
or
follow
them
on
social
media
platforms
such
as
Facebook,
Twitter,
Instagram,
and
LinkedIn.

Forward-Looking
Statements

This
news
release
includes
forward-looking
statements,
which
involve
risks
and
uncertainties
that
could
cause
actual
results
to
differ
materially
from
those
anticipated.
Factors
affecting
these
statements
include
the
success
of
the
strategic
alternatives
review
process,
the
construction
and
operation
of
facilities,
digital
currency
market
fluctuations,
and
regulatory
changes.
Bitfarms
undertakes
no
obligation
to
revise
or
update
any
forward-looking
information,
except
as
required
by
law.

Contact
Information

For
investor
relations,
contact
Tracy
Krumme,
SVP,
Head
of
IR
&
Corp.
Comms.,
at
+1
786-671-5638
or
via
email
at

[email protected].
For
media
inquiries
in
the
U.S.,
contact
Joele
Frank,
Wilkinson
Brimmer
Katcher
at
+1
212-355-4449.
In
Québec,
contact
Tact’s
Louis-Martin
Leclerc
at
+1
418-693-2425
or
via
email
at

[email protected].

Image
source:
Shutterstock