Timothy Morano
November 21, 2024 04:42
Bitfarms announced at a special shareholders’ meeting that it would expand its board of directors to six members and appoint Andrew J. Chang as an outside director. Major shareholder proposal approved.
Bitfarms Ltd. (NASDAQ/TSX: BITF), a leader in Bitcoin mining, announced the results of its Extraordinary General Meeting of Shareholders held virtually on November 20, 2024. Shareholders representing 50.83% of total shares attended this meeting. The Company’s outstanding common stock has led to several key decisions to strengthen the Company’s governance and strategic direction.
Board expansion and new appointments
According to GlobeNewswire, one of the key outcomes of the meeting was the approval to expand Bitfarms’ board of directors from five to six members. This decision received overwhelming support with 97.84% of the votes in favor. Andrew J. Chang was subsequently appointed as an outside director with the support of 98.65% of voting shareholders.
Shareholder rights plan approved
The meeting also saw the ratification of Bitfarms’ Shareholder Rights Plan, first adopted in July 2024. The plan was approved with 98.58% of the votes, reinforcing the company’s commitment to protecting shareholder interests.
Andrew J. Chang’s Qualifications and Role
Andrew J. Chang brings 20 years of experience in the technology sector to Bitfarms. As a founding partner at Liberty City Ventures and former COO of Paxos, Chang has played a key role in driving innovation and growth in blockchain and digital payment solutions. His expertise is expected to greatly contribute to Bitfarms’ strategic development.
Introduction to Bitfarms
Founded in 2017, Bitfarms is a vertically integrated Bitcoin data center company operating in multiple countries including Canada, the United States, Paraguay, and Argentina. With a focus on sustainable energy, Bitfarms utilizes hydroelectric power to support its mining operations. The company currently operates 12 Bitcoin data centers, with two additional centers in development.
Andrew Chang said, “Bitfarms has built an impressive operation in the Bitcoin mining space and we are excited to work with the Board to define the next chapter for the company. There are incredible growth opportunities ahead and Bitfarms is well-positioned for success. location.”
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