Ready to engage with Bitfarms reconstituted board (Il Sole 24 Ore Radiocor) - New York, 24 Jun - Bitcoin miner Riot Platforms said it had formally withdrawn a proposal to acquire Bitfarms and had nominated three directors to the board of its rival.

Riot, the biggest shareholder in Bitfarms with a stake of 14.9%, said it was ready to engage with the company's reconstituted board about a potential transaction.

It said new independent directors were necessary to "fix Bitfarms' broken corporate governance and to oversee a fair strategic alternatives process".

"Riot continues to believe that a combination of Bitfarms and Riot will create the premier and largest publicly listed Bitcoin miner globally, with geographically diversified operations well-positioned for long-term growth... However, it is clear that engaging with the incumbent Bitfarms Board on a potential combination is just not possible." Riot said it had requisitioned a special meeting of Bitfarms to reconstitute its board. "Riot urges the Bitfarms board to ensure shareholders are heard by holding the special meeting without delay," it said.

The two miners have not seen eye to eye since Riot made an unsolicited offer in April to buy Bitfarms for around 950 million dollars.

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(RADIOCOR) 24-06-24 19:40:31 (0641) 5 NNNN