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Riot Platforms, Inc. Reports Beneficial Ownership of 18.9% 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 13, 2024 it acquired ownership of 1,000,000 common shares (the “Purchased Shares”) of the Company representing approximately 0.22% of the issued and outstanding Common Shares (the “Common Shares”) of the Company (based on the information contained in the Company’s management’s discussion and analysis for the three and six months ended June 30, 2024 (the “Company’s Q2 MD&A”)).\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$2.28 per Purchased Share (equivalent to approximately C$3.13 per Purchased Share based on the daily exchange rate posted by the Bank of Canada on August 13, 2024 (the “Exchange Rate”)) at a price range per Purchased Share of approximately US$2.20 to US$2.34 (equivalent to approximately C$3.02 to C$3.21 based on the Exchange Rate) for an aggregate amount equal to US$2,280,800.00 (equivalent to approximately C$3,129,942.84 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 84,293,054 Common Shares, representing approximately 18.68% of the issued and outstanding Common Shares (based on the information contained in the Company’s Q2 MD&A). Following completion of the aforementioned acquisition, Riot beneficially owned 85,293,054 Common Shares, representing approximately 18.90% of the issued and outstanding Common Shares as at the date hereof (based on the information contained in the Company’s Q2 MD&A).\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 certain directors from the Company’s Board of Directors (the “Bitfarms Board”) and replace them with independent director candidates.\n\n\nRiot intends to review its investment in the Company on a continuing basis and dep...