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Gulf Press > Business > Crypto > Riot Platforms launches website to support advocacy for Bitfarms board overhaul
Crypto

Riot Platforms launches website to support advocacy for Bitfarms board overhaul

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Last updated: 2024/07/09 at 6:07 AM
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Riot Platforms, a well-known Bitcoin mining company, recently launched a new website aimed at informing shareholders about corporate governance issues at Bitfarms and Riot’s plans to reconstitute the board. This strategic move is part of Riot’s efforts to advance its acquisition of Bitfarms, marking a significant shift in their approach. As Riot Platforms pushes forward with its acquisition plans, this initiative is a proactive step to address shareholder concerns and secure support for the board overhaul, ultimately facilitating a successful merger with Bitfarms.

The newly launched website, [www.ABetterBitfarms.com], serves as a platform for Riot to gather support for its proposal to revamp Bitfarms’ board of directors. This initiative seeks to educate shareholders about perceived governance shortcomings at Bitfarms and Riot’s strategy to introduce new leadership. Riot has encouraged Bitfarms stakeholders to visit the website for updates, share their views anonymously, and learn more about Riot’s efforts to introduce directors with fresh perspectives and extensive experience in corporate governance and executive management roles.

Riot Platforms, which holds a 14.9% stake in Bitfarms, announced its plan to replace three members of Bitfarms’ board with independent directors following concerns about corporate governance and value maximization. This move came after Riot formally requested a special shareholder meeting to address these issues and initiate a constructive dialogue about a potential acquisition. Shareholders are now set to vote on the removal and replacement of certain board members, reflecting Riot’s commitment to restructuring the board to address governance concerns.

In response to Riot’s actions, Bitfarms appointed Fanny Philip as an independent board member amidst the ongoing conflict. Philip filled a vacancy left by a departing co-founder, following the most recent Annual General and Special Meeting of Shareholders. Notably, Bitfarms had previously blocked Riot’s attempt to increase its ownership stake beyond 15%, further fueling tensions between the two companies. Riot’s requisition for a board overhaul cited mishandling of CEO succession, inadequate responses to acquisition proposals, and the implementation of a shareholder rights plan without sufficient support as key reasons for the proposed changes.

Riot’s proposed independent directors, including John Delaney, Amy Freedman, and Ralph Goehring, bring essential corporate governance expertise and fresh perspectives to Bitfarms. Despite the rejection of Riot’s $950 million acquisition offer, Bitfarms’ adoption of a shareholder rights plan aims to deter hostile takeovers by allowing existing shareholders to purchase additional shares at a discount in the event of unauthorized stock acquisition. Riot’s push for changes in leadership highlights its frustration with perceived poor governance blocking productive discussions and the need for serious dialogue about the potential merger.

Overall, Riot Platforms’ launch of a dedicated website to reconstitute the Bitfarms board underscores its commitment to enhancing corporate governance and pursuing its acquisition plans with transparency and shareholder support. By educating stakeholders about the importance of governance reforms and introducing new board members with valuable expertise, Riot aims to lay the groundwork for a successful merger and drive value for both companies involved. As the narrative unfolds, the outcome of the upcoming shareholder vote and the subsequent developments will determine the future direction of Riot Platforms and Bitfarms in the rapidly evolving cryptocurrency mining industry.

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News Room July 9, 2024
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