Company Committed to Maximizing Value for All Shareholders; Strategic Alternatives Process Underway
Reaffirms Confidence in Business and Guidance of 21 EH/s and 21 w/TH in 2024
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.
TORONTO, Ontario and BROSSARD, Qubec, May 29, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms” or the “Company”), a global Bitcoin vertically integrated company, today confirms that the Company received a proposal by Riot Platforms, Inc. (“Riot”) on April 22, 2024 to acquire 100% of the common shares of Bitfarms, at a price of US$2.30 per common share consisting of cash and Riot common stock. A Special Committee of the Board comprised solely of independent directors (the “Special Committee”) carefully considered the proposal and determined it significantly undervalues the Company and its growth prospects. In order to advance discussions with Riot in a meaningful manner, the Special Committee requested customary confidentiality and non-solicitation protections to which Riot did not respond.
Bitfarms Responds to Unsolicited Proposal from Riot (globenewswire.com)