Bitfarms has postponed its shareholder meeting from October 29 to November 6. This decision was made in response to Riot Platforms' request to change Bitfarms' board of directors.
Riot Platforms' Request
Earlier this year, Riot Platforms attempted to acquire Bitfarms for $950 million. However, the offer was declined. Following this, Riot requested a special meeting to propose adjustments to Bitfarms' board. Currently, Riot Platforms holds a 19.9% stake in Bitfarms.
Meeting Rescheduling
Bitfarms has decided to reschedule the meeting to give its Special Committee more time to review and address Riot's request. According to a press release, the current board is acting in the best interest of all shareholders, whereas Riot's focus is primarily on its own interests.
Conflict and Plans
Among the proposals to be considered at the rescheduled meeting is the idea of increasing the number of board members from five to six. The dispute between Bitfarms and Riot Platforms has been prolonged and complex, with both companies taking various strategic moves. Recently, Bitfarms announced plans to acquire Stronghold Digital, adding another layer to the ongoing conflict.
The conflict between Bitfarms and Riot Platforms continues to evolve. Time will show how the situation will be resolved.
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