Riot Nominates Three Independent Directors to Bitfarms Board Amid Takeover Effort
Riot Platforms officially requisitioned a special June 24 meeting of shareholders of Bitfarms, a leading crypto mining company specializing in Bitcoin (BTC). The initiative is intended to replace the current Bitfarms Board of Directors, which Riot alleges has failed in its corporate governance duties and maximizing shareholder value.
Shareholders will vote to remove and replace Chairman Nicolas Bonta and Director Andrés Finkielsztain and fill the vacancy left by co-founder Emiliano Grodzki.
Riot cited several reasons necessitating boardroom change at Bitfarms, including the mishandling of CEO succession, inadequate responses to acquisition proposals, and implementing a shareholder rights plan without sufficient shareholder support.
“The current board’s resistance to engage constructively has impeded progress and underscores the urgent need for change,” the announcement read.
Riot Requisitions Special Meeting of Bitfarms Shareholders and Nominates Three Highly Qualified, Independent Directors to Bring Urgently Needed Change to Bitfarms Board.
Read the full press release here: https://t.co/8DHy75xC3i.
— Riot Platforms, Inc. (@RiotPlatforms) June 24, 2024
Riot, the largest shareholder of Bitfarms, with an approximately 14.9% stake, nominated three independent directors for election to the Bitfarms Board. These nominees—John Delaney, Amy Freedman, and Ralph Goehring—are touted as “highly qualified and possess extensive experience in corporate governance, public company oversight, and strategic transactions.”
Riot emphasized that each nominee was entirely independent of both Riot and Bitfarms, and would inject fresh perspectives into the boardroom.
“We believe new, independent voices are essential to ensuring Bitfarms’ board
Read more on cryptonews.com
