Bitfarms' Special Meeting of Shareholders Set for November 2024

Update on Bitfarms' Special Meeting of Shareholders

Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent name in vertically integrated Bitcoin data center operations, has made an important announcement that could shape the future of the company. The Special Meeting of shareholders has been rescheduled to November 6, 2024, from its original date of October 29, 2024. This decision comes in light of a requisition filed by Riot Platforms, Inc.

Reasons for the Rescheduling

The rescheduling aims to offer the Bitfarms Special Committee ample time to consider Riot's Amended Requisition, ensuring that all shareholders have enough information to make informed voting decisions regarding their investments. The board of Bitfarms is committed to prioritizing the interests of all shareholders, contrasting with Riot’s focus, which appears directed purely toward its own shareholders.

Engagement with Riot Platforms

In navigating this situation, the Bitfarms Special Committee has proposed terms in an effort to collaborate with Riot, which would enable both companies to avoid expensive disputes. They suggested adding a mutually agreed Board nominee, increasing the Board's size to six, and incorporated usual standstill provisions. This proposal reflects Bitfarms’ commitment to effective governance and shareholder engagement.

Details on the Special Meeting

The upcoming Special Meeting will be held in person, providing shareholders who cannot attend the opportunity to tune in via a live audio-only webcast. Detailed information regarding the Amended Requisition, as well as other voting matters, will be sent ahead of time in a management information circular, ensuring that shareholders are well-prepared.

Overview of Bitfarms Ltd.

Established in 2017, Bitfarms is a leading player in the Bitcoin mining space, operating a network of Bitcoin data centers globally. The company harnesses its computational capabilities across multiple mining pools, receiving payment in Bitcoin. Bitfarms proudly owns and operates its facilities, featuring in-house management and extensive technical support to ensure optimum performance.

Sustainable Operations

With 12 operational Bitcoin data centers and two under development across four countries, Bitfarms is driven by sustainability. The company predominantly uses hydroelectric power and engages in long-term power contracts, emphasizing its commitment to environmentally friendly practices.

What’s Next for Shareholders?

Shareholders are urged not to take any action at this time. With the upcoming meeting, those invested in Bitfarms should stay informed about critical decisions affecting the company's trajectory. Keeping an eye on forthcoming communications will ensure that they are prepared for important voting and participation.

Frequently Asked Questions

1. Why was the Special Meeting of Shareholders rescheduled?

The meeting was rescheduled to provide the Special Committee enough time to address Riot's Amended Requisition and allow shareholders to review vital information concerning their investments.

2. When will the Special Meeting take place?

The Special Meeting will be held on November 6, 2024.

3. How can shareholders participate in the Special Meeting?

Shareholders can participate in person and may also listen via a live audio-only webcast if they are unable to attend.

4. What is the main focus of Bitfarms' current management strategy?

Bitfarms' management prioritizes the interests of all shareholders, with a strategic focus on effective governance and sustainable operational practices.

5. How can shareholders stay informed about Bitfarms?

Shareholders can stay updated by watching for communications from the company and accessing their official website for further information on developments and events.

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