As a seasoned researcher with a knack for deciphering corporate intrigue, I find myself drawn to the Bitfarms-Riot Platforms saga like a moth to a flame. It’s a classic case of two heavyweights locked in a dance, each jockeying for position and influence.
Bitfarms delayed a shareholder meeting where the proposed changes to the governance structure as requested by Riot Platforms were to be discussed.
Bitfarms, a Bitcoin miner based in Canada, has postponed a planned meeting from October 29 to November 6. During this rescheduled gathering, Riot Platforms intends to propose changes within Bitfarms’ board. The ongoing narrative between Bitfarms and Riot has persisted for several months now, with both parties arguing that their actions aim to secure the best interests of Bitfarms’ shareholders.
Riot owns approximately 18.9% of the shares in Bitfarms, frequently purchasing additional shares on the open market to secure its position as the company’s largest shareholder, with a total of 85.3 million common shares at present. With such significant control over Bitfarms, Riot attempted a takeover, but this effort was not successful.
Amidst ongoing disputes, Riot recently penned an open letter to its counterpart, proposing potential solutions for improved management. Specifically, they suggested the addition of two impartial directors to their board as part of these improvements. Interestingly, two out of three co-founders have vacated their roles during this ongoing saga, yet Riot still finds these measures inadequate and is advocating for immediate adjustments within their board’s composition.
In their open letter, Riot expressed that there has been no indication yet from the Bitfarms Board of a readiness to collaborate constructively with them for potential improvements to the Bitfarms Board and/or a mutually beneficial merger that could potentially increase value for all Bitfarms shareholders. Yet, they urged Bitfarms to engage with them during the upcoming special meeting in order to address what Riot refers to as governance issues.
Bitfarms Agrees to Increase Its Board Size But by One
In response, Bitfarms decided to make an announcement via X that they have pushed back the Special Meeting of shareholders to November 6, 2024. However, they also reached out to Riot with a compromise, suggesting to enlarge their board from its current size to six members and agree on one new board member jointly. Bitfarms emphasized that this action is being taken for the benefit of ALL shareholders.
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2024-09-12 13:06