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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Zcash's Impressive Market Performance and ETF Launch

chest

Zcash has experienced a remarkable price increase, gaining over 2,300% in the past year, aided by the launch of Grayscale's Zcash ETF.

user avatarLucas Weissmann

Zcash Surpasses $1,000 Mark, Achieving New All-Time High

chest

Zcash's price broke above $1,000 for the first time in nearly a decade, marking a significant milestone in its market performance.

user avatarRajesh Kumar

Trezor Implements New Security Measures After Data Breach

chest

Trezor is enhancing security measures, including anonymous delivery options, in response to a data breach affecting 67,000 customers.

user avatarFilippo Romano

Data Breach Affects 67,000 Trezor Customers

chest

A data breach at shipping provider ShipMonk has exposed personal information of 67,000 Trezor customers in the US.

user avatarEmily Carter

BAI Establishes Global Settlement Layer for AI Agents to Enhance Collaboration

chest

BAI is building a global settlement layer to enhance collaboration and efficiency among AI agents across various workflows.

user avatarTomas Novak

BAI Launches Free Access to Premium AI Models, Surpassing 133 Trillion Daily Tokens

chest

BAI has launched free access to its premium AI models, leading to a significant increase in platform activity and user adoption.

user avatarKaterina Papadopoulou

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.