Riot Platforms has announced its official request for a special meeting of Bitfarms shareholders on June 24. The purpose of the meeting is to replace the current Board of Directors, which Riot claims has failed in its corporate governance responsibilities and in maximizing shareholder value. Riot, the largest shareholder of Bitfarms, with a stake of approximately 14.9%, has nominated three independent directors to join the board. These nominees are John Delaney, Amy Freedman, and Ralph Goehring, all of whom have extensive experience in corporate governance and strategic transactions. Riot believes that the current board’s resistance to constructive engagement has impeded progress and calls for new independent voices to ensure the best interests of shareholders are served. In addition, Riot has withdrawn its previous proposal to acquire Bitfarms, citing the board’s lack of meaningful engagement in negotiations. The upcoming Special Meeting, expected within 21 days, will allow Bitfarms shareholders to vote on Riot’s proposed changes. Despite these developments, both Bitfarms and Riot saw declines in their share prices following the announcement.
