Business
Riot Announces that Ontario Capital Markets Tribunal Has Terminated Bitfarms’ Poison Pill
Ontario Capital Markets Tribunal Has Cease Traded Bitfarms’ Poison Pill Effective Immediately Ruling Represents a Significant Victory for Shareholder Rights
About this update from Riot Platforms, Inc.
[{"type":"text","content":"\nOntario Capital Markets Tribunal Has Cease Traded Bitfarms’ Poison Pill Effective Immediately\n\n\nRuling Represents a Significant Victory for Shareholder Rights\n\n\n CASTLE ROCK, Colo.--(BUSINESS WIRE)--\nRiot Platforms, Inc. (NASDAQ: RIOT) (“Riot”) today announced that it was successful in its application to the Ontario Capital Markets Tribunal (the “Tribunal”) to cease trade the June 10, 2024 shareholder rights plan (the “Poison Pill”) implemented by the Board of Directors of Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms”) (the “Bitfarms Board”). The cease trade order terminates Bitfarms’ Poison Pill – which contemplated a 15% trigger – effective immediately.\n\n\nJason Les, Chief Executive Officer of Riot, stated:\n\n\n“This ruling from the Tribunal in favor of Riot’s application is a win for all Bitfarms shareholders. The adoption of the off-market Poison Pill is yet another example of the broken corporate governance that plagues Bitfarms and of the ongoing attempts by the Bitfarms directors to entrench themselves. We appreciate that the Tribunal acted quickly and decisively to remove the Poison Pill.\n\n\nWe continue to believe that our three director nominees – John Delaney, Amy Freedman and Ralph Goehring (the “Nominees”) – must be elected to the Bitfarms Board at the 2024 Special Meeting of Shareholders (the “Special Meeting”) scheduled for October 29, 2024 in order to repair Bitfarms’ poor corporate governance. These Nominees are fully independent of Riot and Bitfarms, are highly qualified and will bring much-needed fresh perspectives into the boardroom. We look forward to communicating further with shareholders in the coming weeks and months.”\n\n\n***\n\n\nAbout Riot Platforms, Inc.\n\n\nRiot’s (NASDAQ: RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform. Our mission is to positively impact the sectors, networks and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows Riot to achieve best-in-class execution and create successful outcomes.\n\n\nRiot, a Nevada corporation, is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. Riot has Bitcoin mining operations in central Texas and electrical switchgear engineering and fabrication operations in Denver, Colorado.\n\n\nFor more ...