Riot Platforms' Initiative for Bitfarms Acquisition and Board Overhaul

Riot Platforms, a significant player in the Bitcoin mining industry, has intensified its campaign to acquire Bitfarms by launching a new website titled, ABetterBitfarms.com.

The unveiling of this website aims to educate shareholders about the corporate governance issues at Bitfarms and Riot's intentions to restructure the board setup.

The recently rolled-out website is intended to garner support for Riot's proposal to realign the board of directors at Bitfarms. It offers a platform for shareholders to get acquainted with the alleged governance deficiencies at Bitfarms and Riot's plans for appointing new management.

As per Riot's official announcement, the objective is to rejig the board temporarily to address these concerns and create an opportunity for constructive dialogues on the potential acquisition. This strategic pivot follows Riot retracting its bid of $2.30 per share for Bitfarms and focusing on securing three board positions.

Riot has nominated three independent directors, anticipating that they will bring valuable expertise and fresh insights to Bitfarms. The nominees consist of John Delaney, the former mayor of Jacksonville; Amy Freedman, the ex-CEO of Kingsdale Advisors; and Ralph Goehring, a former CFO in the energy sector.

This action by Riot comes in the wake of Bitfarms turning down Riot's $950 million acquisition proposal. Expressing discontent over perceived governance inadequacies hampering constructive discussions, Riot is now advocating for leadership changes to ensure a meaningful discourse on the impending merger.

Supported by Riot's Investment Trust, holding a 15% stake in Bitfarms, a compelling case has been presented for the necessity of these board adjustments to enhance shareholder value and progress with merger negotiations.

In a bid to oust Director Andrés Finkielsztain and Chairman Nicolas Bonta, while installing new directors at Bitfarms, Riot Platforms has requested a special assembly of shareholders.

Riot argues that the current leadership has hindered merger negotiations and failed to exploit Bitfarms' full potential, emphasizing the importance of fresh leadership to facilitate fruitful merger conversations.

Through advocating for these board alterations, Riot aims to reinstate shareholder faith and introduce innovative ideas to steer Bitfarms forward, considering the proposed board restructuring as pivotal to their acquisition strategy.