Bitfarms Postpones Shareholder Meeting Amid Governance Changes Pushed by Riot Platforms

Bitfarms has officially postponed its special shareholder meeting from October 29 to November 6, 2024, following pressure from Riot Platforms. Riot, now Bitfarms’ largest shareholder with 19.9% ownership, had submitted a requisition on June 24, which was later amended on September 3, 2024, citing concerns over Bitfarms’ governance structure.

In an attempt to address these issues, Bitfarms proposed adding a mutually agreed nominee to the board, increasing its size to six members. This move aims to resolve the concerns raised by Riot while protecting Bitfarms’ interests and avoiding a costly proxy contest. Shareholders are expected to vote on these governance changes during the rescheduled meeting in November.

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