Peter Zhang
September 9, 2024 11:03
Bitfarms postpones its special shareholder meeting to November 6, 2024 to address Riot’s revised requirements. The meeting will be held in person.
Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, has announced that it has changed the date of its special meeting of shareholders. The meeting, originally scheduled for October 29, 2024, will now be held on November 6, 2024, according to GlobeNewswire. The change is in response to an amended request submitted by Riot Platforms, Inc. (Riot) on September 3, 2024.
Reason for schedule change
The decision to reschedule was made to ensure that the Bitfarms Special Committee has sufficient time to review and respond to Riot’s revised request. This extension is intended to ensure that shareholders have sufficient time to evaluate the relevant information before making a decision on investing in Bitfarms.
Board of Directors’ Position
The Bitfarms Board emphasizes its commitment to acting in the best interests of all shareholders. The Board emphasized that its direct competitor, Riot, is primarily focused on promoting the interests of its own shareholders. In order to mitigate the high costs and distractions associated with a proxy contest, Bitfarms’ special committee proposed a settlement to Riot. The proposal includes adding mutually agreed-upon board nominees, increasing the board size to six, and incorporating suspension and other customary provisions.
Meeting Details
The special meeting will be held in person, and shareholders will have the option to listen in via a live audio-only webcast. Further information on the amended bill and other matters to be voted on will be provided to shareholders in a management information circular prior to the meeting. Shareholders are not required 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 across four countries (Canada, the United States, Paraguay, and Argentina), with two more in development. The company has committed to using sustainable energy, primarily hydroelectric power, for its operations.
Forward-looking statements
This press release contains forward-looking statements based on expectations, estimates and projections as of the date of this release. These statements involve risks and uncertainties that could cause actual results to differ materially. Readers should not place undue reliance on these statements and should refer to Bitfarms’ filings with SEDAR and the U.S. Securities and Exchange Commission for more information on potential risks.
For more details, please check the official sources.
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