Bitfarms announces special meeting date

Bitcoin mining company Bitfarms has announced the date it will hold a special shareholder meeting following Riot Platforms’ attempted acquisition of its rival.

Bitfarms, one of Canada’s largest crypto mining companies, has announced that it will hold a special shareholder meeting on October 29, at the request of its rival Riot Platforms.

Bitfarms said in a press release Friday that its committee of independent directors is reviewing Riot’s request with financial and legal advisors. Bitfarms stresses that shareholders should have sufficient time to evaluate Riot’s offer. The bitcoin mining company says shareholders eligible to vote at the meeting will be able to do so starting on September 26.

Bitfarms stressed that Riot has yet to propose a new strategy for the company, despite holding its annual meeting on May 31, a week after Riot proposed the acquisition. The upcoming meeting will address this and other issues, including approval of Bitfarms’ shareholder rights plan.

“The company remains committed to constructive engagement with all stakeholders and we are hopeful that Riot will seek to constructively engage with the company so that Bitfarms does not need to expend its limited cash resources to protect its stakeholders’ interests against Riot’s actions,” Bitfarms added.

Earlier in April, Riot Platforms offered to acquire Bitfarms for $950 million, but Riot later withdrew its offer, stating that it was unable to engage with Bitfarms’ current board of directors regarding a potential merger.

Riot then called for a special meeting of Bitfarms shareholders to renew its board, citing urgent governance concerns at its Toronto-based rival.