Bitfarms reschedules special meeting of shareholders

Bitfarms (BITF) has rescheduled the Special Meeting of shareholders from October 29, 2024 to November 6, 2024. The Special Meeting has been called in response to a requisition made by Riot Platforms (RIOT) on June 24, 2024 and amended on September 3, 2024. The company said, “The Special Meeting was rescheduled to provide the Bitfarms Special Committee adequate time to review and respond to Riot’s Amended Requisition and provide shareholders with sufficient time to evaluate the information relevant to this voting decision regarding the future of their investment in Bitfarms. The Bitfarms Board is focused on acting in the best interests of ALL Bitfarms shareholders. On the contrary, it is clear that Riot, as a direct competitor to Bitfarms, is only focused on taking steps to support its shareholders, not Bitfarms or its shareholders. Recognizing the high costs and distraction associated with a proxy contest, the Bitfarms Special Committee continues to seek to engage constructively with Riot in an effort to resolve the Amended Requisition so that Bitfarms need not expend its cash resources to protect the interests of its shareholders against the actions of Riot. To that end, the Bitfarms Special Committee has proposed the following terms set out in a settlement agreement forwarded to Riot: the addition of one mutually agreed upon Board nominee resulting in an increase of the size of the Board to six, and standstill and other customary provisions.”