Bitfarms, Riot Platforms Enter Settlement Agreement In Advance Of Special Meeting; Andrés Finkielsztain Has Stepped Down From Bitfarms' Board, Amy Freedman To Join Board
Portfolio Pulse from Benzinga Newsdesk
Bitfarms and Riot Platforms have reached a settlement agreement ahead of a special meeting. Riot will withdraw its requisition and accept standstill provisions until Bitfarms' 2026 Annual Meeting. Riot also gains rights to purchase shares if it holds 15% or more of Bitfarms' common shares.
September 23, 2024 | 11:02 am
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POSITIVE IMPACT
Bitfarms has reached a settlement with Riot Platforms, which includes Riot withdrawing its requisition and accepting standstill provisions. Riot gains rights to purchase shares if it holds 15% or more of Bitfarms' shares.
The settlement with Riot Platforms is likely to stabilize Bitfarms' governance and shareholding structure, which could be seen positively by investors. Riot's potential to increase its stake may also indicate confidence in Bitfarms' future.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Riot Platforms has agreed to withdraw its requisition and accept standstill provisions with Bitfarms. Riot gains rights to purchase more shares if it holds 15% or more of Bitfarms' shares.
Riot's agreement to withdraw its requisition and the potential to increase its stake in Bitfarms could be seen as a strategic move to strengthen its position in the company, which may be viewed positively by investors.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70