TL;DR
- Bitfarms has rescheduled its special shareholders‘ meeting from October 29 to November 6, 2024, to address a request from Riot Platforms.
- Riot has requested a restructuring of Bitfarms’ board of directors and improvements in governance, in response to concerns about recent changes.
- The company proposes adding a new member to its board of directors and has scheduled the meeting to be held in person, with a live audio broadcast for those unable to attend.
Bitfarms Ltd., a global leader in Bitcoin data center operations, has announced the rescheduling of its special shareholders’ meeting, originally set for October 29, 2024.
The new date for this meeting is November 6, 2024. This adjustment is made in response to an amended request submitted by Riot Platforms, Inc. on September 3, 2024. Riot’s original request, made on June 24, 2024, called for Bitfarms to restructure its board of directors.
The purpose of the delay is to provide the Bitfarms Special Committee with adequate time to review Riot’s request and allow shareholders to properly assess the relevant information before making a decision on their investment in the company.
Riot, which has been a direct competitor of Bitfarms, has raised concerns about recent changes in the company’s governance and its proposed acquisition of Stronghold Digital, calling for increased independent oversight and improvements in governance practices.
Bitfarms Proposes Adding a New Member to Its Board of Directors
In response to the request, Bitfarms has proposed adding a new member to its board of directors, increasing the total number of members to six. This proposal also includes a standstill agreement and other customary provisions to prevent future conflicts and resolve Riot’s request constructively.
The special meeting will be held in person, although a live audio-only broadcast will be available for shareholders who cannot attend. Shareholders will receive detailed information about the amended request and other matters to be voted on in a management information circular prior to the meeting. No action is required from shareholders at this time.
Additionally, the adjustment in the meeting coincides with a recent increase in Bitfarms’ stock price, which rose by 4.7% to $1.88 per share. Meanwhile, Riot’s shares are trading around $650.
