On Oct. 29, Bitfarms’ shareholders will vote on reconstituting its board, the latest step in Riot's attempted takeover.
Bitcoin miner Bitfarms has set Oct. 29, 2024, as the date for a special meeting of its shareholders to vote on reconstituting its board of directors following Riot Platforms’ requisition for the meeting on June 24.
As previously reported by The Block last month, Bitfarms shareholders are set to vote on removing Nicolas Bonta, the chairman and interim CEO, and director Andrés Finkielsztain at the special meeting. Bitfarms appointed Ben Gagnon as its new CEO on July 8, though he does not currently serve on the board, so he is not a target for removal.
In June, Bitfarms adopted a "poison pill" approach to prevent a possible takeover. Up to Sept. 10, if an entity accumulates more than 15% of Bitfarms' stake, the company would issue fresh shares, diluting the entity's stake. However, after Sept. 10, the threshold increases to 20%.
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