Bitfarms (BITF) Reschedules Special Shareholders Meeting Amid Riot Engagement

Bitfarms
Ltd.
(NASDAQ/TSX:
BITF),
a
global
leader
in
vertically
integrated
Bitcoin
data
center
operations,
has
announced
the
rescheduling
of
its
Special
Meeting
of
shareholders.
Initially
set
for
October
29,
2024,
the
meeting
will
now
take
place
on
November
6,
2024,
according
to
GlobeNewswire.
This
shift
comes
in
response
to
an
amended
requisition
by
Riot
Platforms,
Inc.
(Riot)
submitted
on
September
3,
2024.

Reason
for
Rescheduling

The
decision
to
reschedule
was
made
to
provide
Bitfarms’
Special
Committee
sufficient
time
to
review
and
respond
to
Riot’s
amended
requisition.
This
extension
aims
to
ensure
shareholders
have
adequate
time
to
evaluate
relevant
information
before
making
decisions
about
their
investments
in
Bitfarms.

Board’s
Stance

The
Bitfarms
Board
emphasizes
its
commitment
to
acting
in
the
best
interests
of
all
shareholders.
The
Board
highlighted
that
Riot,
as
a
direct
competitor,
is
primarily
focused
on
advancing
its
own
shareholders’
interests.
To
mitigate
the
high
costs
and
distractions
associated
with
a
proxy
contest,
Bitfarms’
Special
Committee
has
proposed
a
settlement
to
Riot.
This
proposal
includes
adding
a
mutually
agreed-upon
board
nominee,
increasing
the
board
size
to
six
members,
and
incorporating
standstill
and
other
customary
provisions.

Meeting
Details

The
Special
Meeting
will
be
held
in-person,
with
an
option
for
shareholders
to
listen
via
a
live
audio-only
webcast.
Detailed
information
about
the
amended
requisition
and
other
matters
to
be
voted
on
will
be
provided
to
shareholders
in
a
management
information
circular
prior
to
the
meeting.
Shareholders
do
not
need
to
take
any
action
at
this
time.

About
Bitfarms
Ltd.

Founded
in
2017,
Bitfarms
is
a
global
vertically
integrated
Bitcoin
data
center
company.
It
operates
12
Bitcoin
data
centers
with
two
more
under
development
across
four
countries:
Canada,
the
United
States,
Paraguay,
and
Argentina.
The
company
is
committed
to
using
sustainable
energy,
primarily
hydro-electric
power,
for
its
operations.

Forward-Looking
Statements

This
news
release
contains
forward-looking
statements
based
on
expectations,
estimates,
and
projections
as
of
the
release
date.
These
statements
involve
risks
and
uncertainties
that
could
cause
actual
results
to
differ
materially.
Readers
are
advised
not
to
place
undue
reliance
on
these
statements
and
to
refer
to
Bitfarms’
filings
on
SEDAR
and
the
U.S.
Securities
and
Exchange
Commission
for
more
information
on
potential
risks.

For
more
details,
visit
the
official

source.

Image
source:
Shutterstock