Key Summary: On June 12, 2024, Riot Platforms criticized Bitfarms' 15% Poison Pill as poor governance and called for Chairman Nicolas Bonta's resignation. Riot also nominated three board candidates on June 24. On August 14, 2024, Riot raised its stake to 18.9% and requisitioned a special meeting to remove three directors.Market Cap: $931 million | Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in Canada, the United States, Paraguay, and Argentina.
riot-issues-open-letter-to-fellow-bitfarms-bitf-shareholders-ahead-of-upcoming-special-meeting
On June 12, 2024, Riot Platforms (13.1%) criticized the company's adoption of a shareholder rights plan (Poison Pill) with a 15% trigger, below the customary 20%, as disregarding good governance. Riot had urged the company to consult large shareholders and called for Chairman Nicolas Bonta's resignation to address governance concerns. Source
On June 13, 2024, Riot Platforms increased its stake to 14% and stated that it intends to requisition a special shareholders' meeting to nominate new directors due to concerns over corporate governance. Source
On June 24, 2024, Riot Platforms (14.9%) sent a Requisition Letter to the board of directors to call a special shareholders' meeting aimed at electing new independent Board members. Riot has nominated John Delaney, Amy Freedman, and Ralph Goehring as independent replacements to restore shareholder confidence and bring necessary experience to the board. The letter also stated the withdrawal of its previous acquisition proposal of US$2.30 per share and announced plans to apply to the Ontario Capital Markets Tribunal to cease-trade the shareholder rights plan (Poison Pill) adopted on June 10, 2024.
On August 2, 2024, Riot Platforms increased its stake to 16.9% and issued a press release announcing its requisition for a special meeting to remove three directors from the board.
On August 14, 2024, Riot Platforms increased its stake to 18.9% and issued a press release announcing its requisition for a special meeting to remove three directors from the board.
On September 3, 2024, Riot Platforms (19.9%) issued an open letter to the company highlighting the need for governance reform to enhance shareholder value. Riot reduced its proposed slate of new directors from three to two in response to recent board changes and public pressure.
On September 23, 2024, Bitfarms Ltd. and Riot Platforms Inc. announced a settlement ahead of Bitfarms' Special Meeting on November 6, 2024. Key points include Andrés Finkielsztain stepping down from the Board and Amy Freedman being appointed. The Board will expand from five to six members, with Riot withdrawing its requisition and agreeing to a standstill until 2026.
Comentarios