Bitfarms has pushed back its shareholder meeting from October 29 to November 6 in response to Riot Platforms’s request to change its board of directors.
Riot Platforms previously tried to acquire Bitfarms earlier this year for $950 million, but the offer was declined. Following this, Riot requested a special meeting to propose adjustments to Bitfarms’ board. The company currently holds a 19.9% stake in Bitfarms.
However, Bitfarms has decided to reschedule the meeting to allow its Special Committee more time to review and address Riot’s request according to a press release.
The company believes that its current board is acting in the best interest of all shareholders and claims that Riot’s focus is primarily on its own interests rather than those of Bitfarms.
Among the proposals to be considered at the rescheduled meeting is the idea of increasing the number of board members from five to six.
The dispute between Bitfarms and Riot Platforms has been a prolonged and intricate one with both companies engaging in various strategic moves.
Recently, Bitfarms announced its plans to acquire Stronghold Digital, adding another layer to the ongoing conflict.
Also Read: Bitfarms Responds to Riot Platforms’ Criticism Over Board Changes
