Key points:
In the ongoing takeover battle between Riot Platforms and Bitfarms, Riot’s leadership, including Executive Chairman Benjamin Yi and CEO Jason Les, have voiced concerns about Bitfarms’ recent governance changes and the proposed acquisition of Stronghold Digital.
Riot criticized Bitfarms’ board reorganization as “reactive” and insufficient to address governance issues, arguing that Bitfarms needs independent directors to act in the best interests of all shareholders, not just the former board members. This comes ahead of a crucial shareholder vote on reconstituting Bitfarms’ board.
Read more: Bitfarms Poison Pill Plan Was Deployed To Prevent Riot’s Monopoly
In response, Bitfarms accused Riot of making misleading statements, claiming that the special meeting was not about corporate governance but rather Riot’s attempt to acquire Bitfarms at a discount. Bitfarms continued to defend its board changes and proposed the acquisition of Stronghold, which would significantly increase the company’s capacity by 2025.
As Riot continued to buy Bitfarms shares and become the company’s largest shareholder, tensions remained high ahead of the scheduled special meeting on October 29. Both sides aimed to sway shareholders in their favour.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Ethereum Singapore 2024 will host a week-long event dedicated to the growth and development of…
The CBC Summit 2024 is set to return for its second year at The National…
World Liberty Financial is prioritizing security by collaborating with top industry experts and aims to…
Miami, Florida, 4th September 2024, Chainwire
Uniswap Labs settlement was issued a $175,000 fine for violations of the Commodity Exchange Act…
Injective launched a tokenized index for the BlackRock BUIDL fund, accessible via decentralized applications on…
This website uses cookies.