Bitfarms (BITF) and Riot Platforms (RIOT) have reached a settlement, including board changes and governance provisions, ahead of Bitfarms' special shareholder meeting on Nov. 6, the companies said Monday.
As part of the agreement, Bitfarms appointed Amy Freedman to its board, effective immediately, while Andres Finkielsztain stepped down, according to their joint statement. Riot has withdrawn its June 24 requisition and agreed to support Bitfarms' board expansion to six members from five as well as ratify a shareholder rights plan, the companies said.
Additionally, the companies said Riot has been granted rights to purchase shares, provided it holds 15% or more of Bitfarms' outstanding common shares.
The agreement to nominate an additional independent director may delay the special shareholder meeting currently scheduled for Nov. 6, but the new schedule will not extend beyond Nov. 20, according to the statement.
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