Mining
Cryptocurrency Mining Firm Bitfarms Faces Shareholder Meeting Amid Takeover Attempt
Saturday. July 13 at 12:30 AM
1 min. readBitfarms, a cryptocurrency mining company, has announced a shareholder meeting in response to Riot Platforms' bid for a corporate takeover. The meeting, scheduled for October 29, comes after Riot's alleged attempts to disrupt Bitfarms' strategic review process. Despite Riot's $950 million acquisition offer in May, Bitfarms has resisted, implementing strategies to thwart the takeover. Former CEO Geoffrey Morphy's resignation and a lawsuit against the company further complicated matters. Bitfarms' interim CEO, Nicolas Bonta, was replaced by Ben Gagnon on July 8. Riot's CEO, Jason Les, criticized Bitfarms' actions as conflicting with legal standards. Bitfarms, trading under BITF on Nasdaq, saw a 20% drop in share value since June 17. With Riot's market cap exceeding $2.8 billion and Bitfarms' at around $1 billion, the battle for control continues.