It appears that Riot Platforms is pressuring Bitfarms to implement changes in its governance structure, aiming to address issues of broken governance and bring fresh perspectives to the board. In an open letter, Riot urged Bitfarms’ shareholders to appoint two new independent directors, Amy Freedman and John Delaney, replacing current board members Andres Forgizmistakes and Philips as replacements for current board members Andres Finkelsztain and Fanny Philip.
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As a researcher, I’m expressing my perspective regarding Bitcoin mining company Bitfarms. I believe it’s crucial for their board to take decisive steps towards restructuring, aiming to surpass merely reacting to external pressures. Notably, Riot Platforms, which holds approximately 19.9% of the publicly traded Canadian miner, is Bitfarms’ largest shareholder. This statement underscores my hope for proactive change within the company
It is not new information that Riot has tried to conduct a takeover of Bitfarms for some time now. However, in an open letter, Riot asked Bitfarms’ shareholders to keep the firm’s best interest in mind and elect two new independent directors, Amy Freedman and John Delaney. Their entry would replace current board members Andres Finkielsztain and Fanny Philip.
In a public statement, Riot emphasized that our primary goal is to repair the flawed governance structure at Bitfarms in order to benefit all shareholders. To accomplish this aim, it’s crucial to introduce fresh ideas and viewpoints within Bitfarms’ boardroom. Since Riot started advocating for changes in Bitfarms’ leadership, two of its original founders have stepped down. Although they acknowledged that the board acted correctly in trying to remove them, Riot believes that more action is necessary because their efforts “have been reactionary and insufficient to rectify Bitfarms’ governance issues.” They insist that inviting new, independent directors is the best course of action, as this approach will foster what is most advantageous for Bitfarms’ shareholders
Riot Warns Bitfarms of Getting Into Financing Options That Go Against Investors’ Wishes
Riot strongly advises Bitfarms against hasty decisions before our Special Meeting on October 29. During this gathering, we’ll advocate for changes in governance. Specifically, Bitfarms should steer clear of financial choices that may not serve the best interests of all shareholders. If they do, Riot won’t shy away from holding the current directors personally responsible
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2024-09-05 12:52