Riot Platforms criticizes Bitfarms for adopting a poison pill plan and calls on Bitfarms chairman to resign to improve governance

06/12 14:46

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Bitcoin mining and infrastructure company Riot Platforms criticized Bitfarms for adopting a "poison pill" plan that is unfriendly to shareholders. This plan prevents any shareholder from acquiring 15% or more of Bitfarms' common stock without approval. Riot stated that the plan is below the customary threshold of 20%, reflecting poor corporate governance. Riot urges Bitfarms' chairman to facilitate the resignation of Chairman and interim CEO Nicolas Bonta to address the company's governance issues.Earlier, Riot Platforms had acquired 12% of Bitfarms' shares, and Bitfarms approved the adoption of the "poison pill" plan to prevent Riot Platforms' hostile takeover attempt.

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