Bitcoin mining company Bitfarms is scheduled to hold a special shareholder meeting on October 29 to vote on restructuring the board of directors at the request of Riot Platform

Bitcoin mining company Bitfarms has officially confirmed that it will hold a special meeting of shareholders on October 29, 2024, in response to a meeting request made by Riot Platforms on June 24. According to the Bitfarms announcement, all shareholders on record on the record date of September 26, 2024 are entitled to participate in the vote, but no additional action is required at this time. Bitfarms said that a special committee composed of independent directors of the board of directors reviewed the meeting request with the assistance of financial and legal advisors and unanimously determined the meeting and record dates. The core topic of this special meeting will revolve around the removal of current chairman and interim CEO Nicolas Bonta, director Andrés Finkielsztain, and the vote of the newly appointed director Fanny Philip. The latter replaced the co-founder Emiliano Grodzki who was removed by the shareholders' meeting. Bitfarms appointed Ben Gagnon as the new CEO on July 8, but he has not yet joined the board of directors and is therefore not a target for removal. In addition, Riot Platforms nominated three candidates to join the Bitfarms board of directors, including government and public affairs expert John Delaney, corporate governance and capital market expert Amy Freedman, and Ralph Goehring, who has extensive experience as a CFO of listed companies in the financial and energy fields. In addition, although Riot Platforms proposed to acquire Bitfarms for approximately US$950 million in April, it withdrew the offer due to "the lack of meaningful participation from the current board of directors", but has since continued to increase its holdings in Bitfarms shares and has now become its largest shareholder, holding approximately 14.9% of the shares. (TheBlock)