Bitfarms (BITF) Reschedules Special Shareholders Meeting Amid Riot Engagement

Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, has announced the rescheduling of its Special Meeting of shareholders. Initially set for October 29, 2024, the meeting will now take place on November 6, 2024, according to GlobeNewswire. This shift comes in response to an amended requisition by Riot Platforms, Inc. (Riot) submitted on September 3, 2024.

Reason for Rescheduling

The decision to reschedule was made to provide Bitfarms' Special Committee sufficient time to review and respond to Riot's amended requisition. This extension aims to ensure shareholders have adequate time to evaluate relevant information before making decisions about their investments in Bitfarms.

Board's Stance

The Bitfarms Board emphasizes its commitment to acting in the best interests of all shareholders. The Board highlighted that Riot, as a direct competitor, is primarily focused on advancing its own shareholders' interests. To mitigate the high costs and distractions associated with a proxy contest, Bitfarms' Special Committee has proposed a settlement to Riot. This proposal includes adding a mutually agreed-upon board nominee, increasing the board size to six members, and incorporating standstill and other customary provisions.

Meeting Details

The Special Meeting will be held in-person, with an option for shareholders to listen via a live audio-only webcast. Detailed information about the amended requisition and other matters to be voted on will be provided to shareholders in a management information circular prior to the meeting. Shareholders do not need to take any action at this time.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company. It operates 12 Bitcoin data centers with two more under development across four countries: Canada, the United States, Paraguay, and Argentina. The company is committed to using sustainable energy, primarily hydro-electric power, for its operations.

Forward-Looking Statements

This news release contains forward-looking statements based on expectations, estimates, and projections as of the release date. These statements involve risks and uncertainties that could cause actual results to differ materially. Readers are advised not to place undue reliance on these statements and to refer to Bitfarms' filings on SEDAR and the U.S. Securities and Exchange Commission for more information on potential risks.

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