Riot Platforms Successfully Challenges Bitfarms’ Poison Pill 🚀
Riot Platforms, Inc. (NASDAQ: RIOT) has achieved a significant victory by persuading the Ontario Capital Markets Tribunal to revoke the ‘Poison Pill’ shareholder rights plan that Bitfarms Ltd. (NASDAQ/TSX: BITF) had put in place on June 10, 2024. This decision by the Tribunal effectively eliminates the Poison Pill, which was designed to safeguard Bitfarms from potential takeover attempts by restricting shareholders from owning more than a 15% stake in the company.
Key Points from the Tribunal’s Decision
The ruling issued by the Ontario Capital Markets Tribunal signifies a crucial moment for Riot in its ongoing battle against Bitfarms’ corporate governance practices. Riot’s CEO, Jason Les, commended the Tribunal’s prompt and resolute action, stating, “This ruling in favor of Riot’s application is a victory for all Bitfarms shareholders. The implementation of the off-market Poison Pill is just one example of the flawed corporate governance at Bitfarms and the constant efforts by Bitfarms directors to solidify their positions.”
What It Means for Bitfarms Shareholders
Les highlighted the significance of electing Riot’s three director nominees—John Delaney, Amy Freedman, and Ralph Goehring—at the upcoming Special Meeting of Shareholders scheduled for October 29, 2024. According to Les, these nominees, who are independent of both Riot and Bitfarms, possess the necessary qualifications to bring fresh perspectives and enhance corporate governance at Bitfarms.
Discover More About Riot Platforms
Riot Platforms, based in Nevada, is a Bitcoin mining and digital infrastructure firm striving to become the leading Bitcoin-focused infrastructure platform globally. The company runs Bitcoin mining facilities in central Texas and electrical switchgear engineering and fabrication operations in Denver, Colorado. Riot’s objective is to make a positive impact on the sectors, networks, and communities it interacts with through innovation and robust community partnerships.
For additional details, visit riotplatforms.com.
Looking Ahead with Caution
This announcement includes forward-looking statements regarding Bitfarms’ future performance and governance. These statements are subject to risks and uncertainties that may lead to actual results differing significantly from the projections. More information about these risks can be found in Riot’s filings with the U.S. Securities and Exchange Commission (SEC) and other regulatory bodies.
To access the original version of this announcement, visit Riot Platforms.
Hot Take: Take Charge of Your Investments 💡
As a vigilant investor in the crypto sphere, staying informed about significant developments like Riot Platforms’ triumph over Bitfarms’ Poison Pill is crucial. By electing the right directors and promoting transparent corporate governance practices, you can play a role in shaping the future of the companies you invest in. Stay engaged, stay informed, and make informed decisions that align with your investment objectives and values!
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