As a long-term crypto investor with a particular interest in Bitcoin mining companies, I’ve been closely following the developments between Riot Platforms and Bitfarms. The latest news of Riot requisitioning a special meeting to reconstitute Bitfarms’ board of directors due to governance issues is a significant turn of events.
Riot Games has announced that it will convene a extraordinary shareholder gathering for Bitfarms, with the primary agenda being the restructuring of its current board. This move comes in response to pressing governance concerns, following Riot’s withdrawal of a prior takeover proposition.
A leading American Bitcoin mining firm, Riot Platforms, has initiated the process for convening a shareholder meeting at Bitfarms, aiming to shape Bitfarms’ future course.
As a researcher, I’ve come across some intriguing developments regarding Bitfarms. Specifically, Riot Blockchain, holding around 14.9% of the company’s shares, has announced its intention to reshape Bitfarms’ board of directors. The plan involves removing Nicolas Bonta as interim CEO, Andrés Finkielsztain as a director, and any recent appointee post Emiliano Grodzki’s resignation, based on information obtained from a press release seen by crypto.news.
The Colorado-based firm asserts that Bonta and Finkielsztain hold accountability for the subpar corporate governance practices and persistent failure of the Bitfarms board to maximize the company’s potential.
“Riot intends to eliminate any newly appointed directors by Bitfarms’ board following the release of this press statement.” (Paraphrased)
Riot Games announced the appointment of three new directors – John Delaney, Amy Freedman, and Ralph Goehring – in place of Bonta and Finkielsztain. The reason given was to address Bitfarms’ corporate governance issues.
After numerous efforts to negotiate a merger with Bitfarms over the past few months, Riot has officially withdrawn its $950 million takeover offer. The reason given was that interacting with Bitfarms’ current board about a potential deal no longer seems feasible.
At the upcoming special gathering of shareholders, Riot proposes vital modifications for approval. These adjustments are considered necessary by Riot due to the mishandled CEO succession within the Bitfarms board, making good faith negotiations an unrealistic prospect until genuine transformation occurs within their boardroom.
Read More
Sorry. No data so far.
2024-06-24 16:44