Bitfarms and Riot Platforms have come to an agreement that involves making new appointments to their boards and implementing a standstill arrangement that will last until 2026.
In a press release shared with Cryptonews, it was revealed that Andrés Finkielsztain will be stepping down from Bitfarms’ board while Amy Freedman will join as a new director.
The settlement agreement also includes Riot Platforms withdrawing its previous requisition and limiting its actions until the 2026 Bitfarms Annual Meeting, with a few exceptions outlined.
This standstill agreement is aimed at ensuring stability within Bitfarms’ governance structure for the next two years.
In addition, Bitfarms plans to propose expanding its board from five to six members at a special meeting where shareholders will vote on the new independent director nominee.
“We understand the importance of refreshing the board and having the right mix of skills, experience, and diversity. We are always open to adding qualified candidates who bring valuable insights and perspectives to strengthen our board,” said Independent Chairman Brian Howlett.
The agreement also grants Riot Platforms certain rights to purchase additional shares in Bitfarms, as long as it maintains a holding of 15% or more of the company’s outstanding common shares.
Bitfarms has also presented a shareholder rights plan that will be voted on at the upcoming special meeting. This plan aims to provide a structured approach for any potential changes in ownership of Bitfarms shares.
“We are focused on diversifying our business beyond Bitcoin mining into exciting and synergistic new areas such as energy generation, energy trading, heat recycling, and other high-value revenue streams like HPC/AI,” said Bitfarms CEO Ben Gagnon.
The special meeting, originally scheduled for November 6, may be postponed to accommodate these new proposals. However, Bitfarms has assured shareholders that the meeting will not be delayed beyond November 20, and updates will be provided as they become available.
