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Riot Platforms, Inc. Reports Beneficial Ownership of 16.9% in Bitfarms Ltd.
CASTLE ROCK, Colo.--(BUSINESS WIRE)-- Riot Platforms, Inc. (“Riot”) issues this press release pursuant to Part 3 of Canadian National Instrument 62-103 – The
About this update from Riot Platforms, Inc.
[{"type":"text","content":" CASTLE ROCK, Colo.--(BUSINESS WIRE)--\nRiot Platforms, Inc. (“Riot”) issues this press release pursuant to Part 3 of Canadian National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and Part 5 of Canadian National Instrument 62-104 – Take-Over Bids and Issuer Bids in respect of Bitfarms Ltd. (“Bitfarms” or the “Company”).\n\n\nRiot announces that on August 2, 2024 it acquired ownership of 380,838 common shares (the “Purchased Shares”) of the Company representing approximately 0.08% of the issued and outstanding Common Shares (the “Common Shares”) of the Company (based on a report from the Company’s transfer agent dated July 29, 2024).\n\n\nThe Purchased Shares were acquired through normal course purchases on the Nasdaq Stock Market and other open market trades for a weighted average price of approximately US$2.40 per Purchased Share (equivalent to approximately C$3.33 per Purchased Share based on the daily exchange rate posted by the Bank of Canada on August 2, 2024 (the “Exchange Rate”)) at a price range per Purchased Share of approximately US$2.36 to US$2.44 (equivalent to approximately C$3.27 to C$3.38 based on the Exchange Rate) for an aggregate amount equal to US$914,468.21 (equivalent to approximately C$1,267,270.04 based on the Exchange Rate).\n\n\nImmediately prior to the acquisition of Common Shares giving rise to the issuance of this press release, Riot beneficially owned 75,886,480 Common Shares, representing approximately 16.82% of the issued and outstanding Common Shares (based on a report from the Company’s transfer agent dated July 29, 2024). Following completion of the aforementioned acquisition, Riot beneficially owned 76,267,318 Common Shares, representing approximately 16.90% of the issued and outstanding Common Shares as at the date hereof (based on a report from the Company’s transfer agent dated July 29, 2024).\n\n\nOn June 24, 2024, Riot announced that it has requisitioned a special meeting of shareholders (the “Special Meeting”) at which Riot will seek to remove Bitfarms Chairman Nicolas Bonta and directors Andrés Finkielsztain and Fanny Philip from the Company’s Board of Directors (the “Bitfarms Board”). To replace these individuals, Riot has nominated three independent director candidates.\n\n\nRiot intends to review its investment in the Company on ...