Riot Platforms, a publicly traded Bitcoin mining company based in the U.S., has initiated significant measures to influence the leadership of Bitfarms, a company in which it holds a 14.9% stake. Riot has requisitioned a special meeting of Bitfarms shareholders to replace key members of its board of directors, including interim CEO Nicolas Bonta and director Andrs Finkielsztain, citing poor corporate governance. Additionally, Riot aims to remove any directors appointed following the resignation of Emiliano Grodzki. In place, Riot has proposed directors John Delaney, Amy Freedman, and Ralph Goehring to rectify what it describes as broken governance practices. Riot’s actions follow their withdrawal of a $950 million acquisition proposal for Bitfarms, as attempts to engage the current board in merger discussions proved unproductive. The upcoming special meeting will allow shareholders to vote on the proposed board changes, which Riot argues are essential for effective governance and future negotiations.

Cryptocurrency and Blockchain, Corporate Governance, Public Companies,United States, Canada

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