Riot Platforms and Bitfarms have resolved their dispute following a settlement agreement detailed in a joint announcement dated September 23, 2024. The agreement, which was filed with the U.S. Securities and Exchange Commission (SEC), comes ahead of Bitfarms’ shareholder meeting on November 6, 2024.
Riot Withdraws Bitfarms Board Restructuring Offer in Settlement Agreement
Under the terms of the settlement, Riot agreed to withdraw its request to replace certain directors on Bitfarms’ board. In return, Bitfarms appointed Amy Friedman to its board and appointed her to key committees, including the Governance and Nominating Committee, the Compensation Committee, and any special committee of independent directors.
Friedman’s appointment follows the resignation of Anders Finkelszten from the board, which Bitfarms accepted as part of the agreement. Riot, as a major shareholder, has the right to nominate a qualified person to the board, provided that the candidate meets certain criteria set out in the agreement.
The deal represents a resolution to Riot’s controversial attempt to influence Bitfarms’ governance, which led to a special shareholders meeting being scheduled. As part of the agreement, Riot has agreed to support resolutions to be introduced at the November 6 meeting, including expanding Bitfarms’ board of directors from five to six members.
Both sides described the deal as a constructive solution that benefits shareholders, with Riot retaining its position as Bitfarms’ largest shareholder. Over the past five days, Bitfarms’ stock has risen 0.74% while Riot’s stock has risen 2.68%.
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