![Bitfarms (BITF) Faces Shareholder Meeting Requisition from Riot Platforms](https://image.blockchain.news:443/features/DC3788979712BF4DFF603597AAC46E7C52F8B5EF76BC21453D757F37CDB271FE.jpg)
Bitfarms Ltd. (Nasdaq/TSX: BITF), a worldwide Bitcoin vertically built-in firm, has confirmed receipt of a shareholder assembly requisition from Riot Platforms, Inc. This requisition goals to achieve management of Bitfarms’ Board of Administrators, in line with GlobeNewswire.
Bitfarms’ Response to Riot’s Proposal
The Bitfarms Board of Administrators and administration staff have reiterated their dedication to performing in the most effective pursuits of the corporate and its shareholders. A Particular Committee of impartial administrators was established to overview strategic options and maximize shareholder worth. The committee discovered Riot’s April 22, 2024 proposal of $2.30 per share, which represented a 22% low cost to Bitfarms’ closing value as of June 21, 2024, to considerably undervalue the corporate.
Regardless of providing Riot a confidentiality and standstill settlement to facilitate a greater proposal, Riot declined to have interaction constructively. The Particular Committee expressed disappointment over Riot’s continued makes an attempt to undermine the method and hurt different shareholders’ pursuits.
Dedication to Shareholders
Bitfarms emphasised its dedication to constructive engagement with all shareholders and can overview the requisition, offering updates in the end. Presently, no motion is required from Bitfarms shareholders.
Advisors and Authorized Counsel
Bitfarms has engaged Moelis & Firm LLC as its monetary advisor and Skadden, Arps, Slate, Meagher & Flom LLP, Peterson McVicar LLP, and McMillan LLP as authorized advisors. Innisfree M&A Integrated and Laurel Hill Advisory Group have been retained as strategic advisors and proxy solicitation brokers.
About Bitfarms Ltd.
Based in 2017, Bitfarms is a worldwide Bitcoin mining firm that contributes computational energy to mining swimming pools, receiving cost in Bitcoin. The corporate operates 12 Bitcoin mining amenities and is creating a further web site. Bitfarms is dedicated to utilizing sustainable power, predominantly hydro-electric energy.
For extra details about Bitfarms, go to their web site or observe them on social media platforms similar to Fb, Twitter, Instagram, and LinkedIn.
Ahead-Wanting Statements
This information launch consists of forward-looking statements, which contain dangers and uncertainties that might trigger precise outcomes to vary materially from these anticipated. Elements affecting these statements embody the success of the strategic options overview course of, the development and operation of amenities, digital forex market fluctuations, and regulatory modifications. Bitfarms undertakes no obligation to revise or replace any forward-looking data, besides as required by legislation.
Contact Info
For investor relations, contact Tracy Krumme, SVP, Head of IR & Corp. Comms., at +1 786-671-5638 or by way of electronic mail at tkrumme@bitfarms.com. For media inquiries within the U.S., contact Joele Frank, Wilkinson Brimmer Katcher at +1 212-355-4449. In Québec, contact Tact’s Louis-Martin Leclerc at +1 418-693-2425 or by way of electronic mail at lmleclerc@tactconseil.ca.
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