Bitfarms and Riot Reach Agreement With New Board Appointments
Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...
Bitfarms and Riot Platforms announced on September 23, 2024, that they have reached a settlement agreement involving new board appointments and a standstill arrangement lasting until 2026.
We are pleased to announce that #Bitfarms has entered into a definitive settlement agreement with @RiotPlatforms.
For more details, see the full release here: https://t.co/U5H6EMxgf7#Bitcoin #BitcoinMining #BITF pic.twitter.com/EJYfCxD2RA
According to a press release shared with Cryptonews, the agreement will see Andrés Finkielsztain stepping down from Bitfarms’ board, with Amy Freedman joining as a new director.
The agreement includes Riot withdrawing its previous requisition and restricting its actions until the 2026 Bitfarms Annual Meeting, with a few outlined exceptions.
This standstill agreement is aimed at ensuring stability within Bitfarms’ governance structure over the next two years.
Additionally, Bitfarms will propose expanding its board from five to six members at a special meeting, where shareholders will vote on the new independent director nominee.
“We recognize the importance of refreshment and having the right mix of skills, experience and diversity, and we are always open to adding qualified candidates with valuable insights and perspectives to strengthen our Board,” said Independent Chairman Brian Howlett.
The agreement also grants Riot certain rights to purchase additional shares in Bitfarms, provided it maintains a holding of 15% or more of the company’s outstanding common shares.
Bitfarms has outlined a shareholder rights plan
Read more on cryptonews.com
