On June 12, Bitcoin mining and infrastructure firm Riot Platforms criticized Bitfarms for adopting a shareholder-unfriendly "poison pill" plan that prevents any shareholder from acquiring 15% or more of Bitfarms' common stock without approval. Riot said the plan was below the customary threshold of 20%, reflecting poor corporate governance. Riot urged Bitfarms' chairperson to facilitate that chairperson and interim CEO Nicolas Bonta must resign to address corporate governance issues.
Previously, it was reported that Riot Platforms has acquired a 12% stake in Bitfarms, and Bitfarms has approved the use of the "poison pill" plan to prevent Riot Platforms from malicious takeover attempts.
Riot Platforms Criticizes Bitfarms for Adopting "Poison Pill" Plan, Calls on Bitfarms Chairperson to Resign to Improve Governance
2024-06-12 14:34:21
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