According to Foresight News, Riot, a Bitcoin mining and infrastructure company, has called for a special shareholders meeting to restructure the board of Bitfarms and has nominated three independent directors. Currently, Riot holds approximately 14.9% of Bitfarms' shares, making it the largest shareholder of Bitfarms.
Riot has withdrawn its acquisition offer of $2.30 per share and is prepared to engage and negotiate with the restructured Bitfarms board. The move by Riot indicates its active involvement in the decision-making process of Bitfarms, leveraging its position as the major shareholder. The nomination of three independent directors is also seen as a strategic move to influence the future direction of Bitfarms.
The withdrawal of the acquisition offer and the readiness to negotiate with the restructured board suggests a shift in Riot's strategy towards Bitfarms. The details of the proposed restructuring and the identities of the nominated directors have not been disclosed yet. The outcome of the special shareholders meeting and the subsequent negotiations will determine the future course of Bitfarms.
