Riot Requests Termination of Bitfarms’ Poison Pill by Ontario Capital Markets Tribunal

Ontario Capital Markets Tribunal Terminates Bitfarms’ Poison Pill at Riot's Request

Riot Platforms’ Victory: Ontario Capital Markets Tribunal Terminates Bitfarms’ Poison Pill

Ontario Capital Markets Tribunal Terminates Bitfarms’ Poison Pill at Riot's Request

Riot Platforms, Inc. (NASDAQ: RIOT) achieved a significant milestone as the Ontario Capital Markets Tribunal ruled to terminate Bitfarms Ltd.’s Poison Pill strategy aimed at protecting shareholder rights. This decision by the Tribunal is a victory for Riot and its efforts to challenge Bitfarms’ corporate governance practices.

Breaking Down the Tribunal’s Decision

The Ontario Capital Markets Tribunal’s ruling nullifies Bitfarms’ Poison Pill, which was put in place by the company’s Board of Directors on June 10, 2024, to prevent potential takeover attempts. By limiting shareholders’ ability to acquire more than a 15% stake in Bitfarms, the Poison Pill hindered shareholder rights and control.

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CEO Jason Les’s Reaction

Riot’s CEO, Jason Les, expressed satisfaction with the Tribunal’s decision, highlighting the importance of this ruling for all Bitfarms shareholders. He criticized Bitfarms’ corporate governance practices and reiterated the need for change within the company to enhance shareholder value and transparency.

What’s Next for Bitfarms Shareholders

Les emphasized the upcoming Special Meeting of Shareholders on October 29, 2024, where Riot’s three director nominees—John Delaney, Amy Freedman, and Ralph Goehring—will stand for election. These independent nominees are expected to bring fresh perspectives and improved governance to Bitfarms, benefiting all shareholders.

Discover Riot Platforms

Riot Platforms, a Nevada-based Bitcoin mining and digital infrastructure company, is dedicated to becoming a global leader in Bitcoin-driven infrastructure solutions. With operations in central Texas and Denver, Riot aims to innovate and collaborate with communities to drive positive change in the digital asset space.

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Explore more about Riot Platforms’ initiatives and projects at riotplatforms.com.

Important Notes

Readers are advised to consider the risks and uncertainties associated with Bitfarms’ future performance as outlined in Riot’s filings with regulatory bodies. Forward-looking statements should be evaluated with caution, taking into account potential discrepancies between projections and actual results.

For additional information, refer to the original article on Riot Platforms’ official website.

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