Ontario Capital Markets Tribunal Terminates Bitfarms’ Poison Pill at Riot’s Request

Riot
Platforms,
Inc.
(NASDAQ:
RIOT)
announced
a
significant
victory
as
the
Ontario
Capital
Markets
Tribunal
has
agreed
to
terminate
the
June
10,
2024
shareholder
rights
plan,
commonly
known
as
the ‘Poison
Pill,’
implemented
by
the
Board
of
Directors
of
Bitfarms
Ltd.
(NASDAQ/TSX:
BITF).
The
Tribunal’s
decision
effectively
nullifies
the
Poison
Pill,
which
aimed
to
protect
Bitfarms
from
potential
takeover
attempts
by
limiting
shareholders’
ability
to
acquire
more
than
a
15%
stake
in
the
company.

Details
of
the
Tribunal’s
Ruling

The
ruling
from
the
Ontario
Capital
Markets
Tribunal
marks
a
pivotal
moment
for
Riot
in
its
ongoing
efforts
to
challenge
Bitfarms’
corporate
governance.
Riot’s
CEO,
Jason
Les,
praised
the
Tribunal’s
swift
and
decisive
action,
stating, “This
ruling
from
the
Tribunal
in
favor
of
Riot’s
application
is
a
win
for
all
Bitfarms
shareholders.
The
adoption
of
the
off-market
Poison
Pill
is
yet
another
example
of
the
broken
corporate
governance
that
plagues
Bitfarms
and
of
the
ongoing
attempts
by
the
Bitfarms
directors
to
entrench
themselves.”

Implications
for
Bitfarms
Shareholders

Les
further
emphasized
the
importance
of
electing
Riot’s
three
director
nominees—John
Delaney,
Amy
Freedman,
and
Ralph
Goehring—at
the
upcoming
Special
Meeting
of
Shareholders
scheduled
for
October
29,
2024.
According
to
Les,
these
nominees
are
independent
of
both
Riot
and
Bitfarms
and
possess
the
qualifications
needed
to
introduce
fresh
perspectives
and
improve
corporate
governance
at
Bitfarms.

About
Riot
Platforms

Riot
Platforms,
a
Nevada-based
Bitcoin
mining
and
digital
infrastructure
company,
aims
to
be
the
world’s
leading
Bitcoin-driven
infrastructure
platform.
The
company
operates
Bitcoin
mining
facilities
in
central
Texas
and
electrical
switchgear
engineering
and
fabrication
operations
in
Denver,
Colorado.
Riot’s
mission
is
to
positively
impact
the
sectors,
networks,
and
communities
it
touches
through
innovation
and
strong
community
partnerships.

For
more
information,
visit

riotplatforms.com.

Forward-Looking
Statements

This
announcement
contains
forward-looking
statements,
including
those
concerning
the
future
performance
and
governance
of
Bitfarms.
These
statements
are
subject
to
risks
and
uncertainties
that
could
cause
actual
results
to
differ
materially
from
those
projected.
Detailed
information
regarding
these
risks
can
be
found
in
Riot’s
filings
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
and
other
regulatory
bodies.

For
more
details,
view
the
source
version
on

Riot
Platforms.

Image
source:
Shutterstock