Bitfarms Delays Meeting at Riot Platforms' Request for Board Changes

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Riot Platforms' Demands
  2. Bitfarms' Response to Riot Platforms' Strategy
  3. Riot Platforms' Growing Influence on Bitfarms


    4. Bitfarms rescheduled its special shareholders' meeting to November in response to demands from Riot Platforms to change the company's board of directors.

    Riot Platforms' Demands

    On September 3, Riot issued an open letter to Bitfarms shareholders detailing their ongoing efforts to “address Bitfarms’ broken governance.” These measures included appointing Ben Gagnon as CEO and a member of the Bitfarms board. Gagnon joined the board following the departure of Bitfarms co-founders Emiliano Grodzki and Nicolas Bonta. Riot recommended the addition of truly independent directors with the experience and expertise to protect all shareholders' interests.

    Bitfarms' Response to Riot Platforms' Strategy

    In response to Riot's demands for changes in the board members, Bitfarms rescheduled the “special meeting of shareholders” from October 29 to November 6. The extension will allow Bitfarms and its shareholders to review and evaluate Riot’s demands and their long-term implications. Both Riot Platforms and Bitfarms claim to act in the shareholders' best interests, accusing each other of pursuing personal agendas. The Bitfarms special committee proposed a settlement agreement including the addition of one mutually agreed-upon board nominee.

    Riot Platforms' Growing Influence on Bitfarms

    In August, Riot Platforms invested an additional $2.28 million to grow its ownership in Bitfarms to 18.9%. This included acquiring 1 million Bitfarms common shares through open market purchases. As a result, Riot’s total holdings in Bitfarms grew from 84.3 million shares to 85.3 million. At that time, Riot indicated its intent to continue reviewing its investment in Bitfarms and consider further actions, including proposing additional changes to the board composition.

    Bitfarms shareholders will be able to vote and express their opinions on the Riot-Bitfarms proxy contest at the November special meeting.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.