Bitfarms called for an October shareholder meeting during Riot’s takeover

Cryptocurrency miner BitFarms has scheduled a shareholder meeting following a request from Riot Platforms – the company that is trying to take over BitFarms in a corporate takeover.

In the year In a July 12 notice, BitFarms' board said it would hold a shareholder meeting on October 29 following Riot's plans to “disrupt the strategic options review process” the mining company had begun. In May, Riot offered $950 million to acquire BitFarms but faced resistance from the company, which is using various tactics to thwart the takeover.

After BitFarms implemented a strategy to keep Riot from holding 15 percent or more of the company, Riot launched a campaign to replace the mining company's three board of directors with candidates who seemed to suit its interests. Former BitFarms CEO Geoffrey Morphy resigned in May after filing a $27 million lawsuit against the company. Nicholas Bonta served as interim CEO until the appointment of Ben Gannon on July 8.

“The company is committed to a constructive relationship with all stakeholders and hopes that Riot will seek to constructively engage with the company so that Bitfarms does not waste its limited financial resources,” Bitfarms said.

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Riot CEO Jason Leys said some of BitFarms' attempts to stop the raid were “in direct conflict with established legal and governance standards.” Cointelegraph reached out to Riot for comment, but did not receive a response at the time of publication.

At the time of publication, Bitfarms shares were trading at $2.50 under BTF on the Nasdaq, down more than 20% since June 17. Bitfarms has a market cap of approximately $1 billion compared to Riot's market capitalization of over $2.8 billion.

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