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Riot Platforms Calls Bitfarms Shareholders to Support Board Changes

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by Giorgi Kostiuk

10 months ago


  1. Riot Platforms' Appeal
  2. Criticism of Current Practices
  3. Proposed Changes and Implications

  4. Riot Platforms, the largest shareholder of Bitfarms, has called on shareholders to support changes to the board of directors at the special meeting on October 29. Riot Platforms claims that such steps are necessary to improve the company's governance and increase shareholder value.

    Riot Platforms' Appeal

    On September 3, Riot Platforms, which owns a 19.9% stake in Bitfarms, expressed concerns over the company's governance practices, stating the need for fresh perspectives to enhance shareholder value.

    Bitfarms needs additional truly independent directors with the experience and expertise to ensure that decisions about the company’s strategy moving forward reflect what is best for all shareholders.

    Criticism of Current Practices

    Riot Platforms criticized Bitfarms' tactics to entrench its current board, including the recent acquisition of Stronghold Digital Mining Inc for $175 million. Riot suggests that the agreement benefits only the legacy directors.

    Proposed Changes and Implications

    While Bitfarms has already made changes to its board, Riot Platforms considers them insufficient. Riot proposes replacing two current board members with Amy Freedman and John Delaney and warns the company against actions that could negatively impact all shareholders.

    Riot Platforms continues to advocate for substantial changes in Bitfarms' governance to increase the company's value for all shareholders. The proposed solutions are expected to be discussed at the special meeting on October 29.

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