Bitfarms Ltd. and Riot Platforms Inc. have recently signed a settlement agreement ending the earlier corporate conflict. This follows Riot Platforms buying a 9.25% stake in Bitfarm, making the company its largest shareholder.
As provided for in the new agreement, Bitfarms co-founder, Andrés Finkielsztain, resigned from the board of directors. The settlement helps both companies free up resources to concentrate on their strategic objectives.
Riot Platforms had earlier offered $950 million to acquire Bitfarms, but the deal faced some opposition. However, the firms have now agreed to proceed, with Bitfarms agreeing to Riot’s proposal under certain circumstances, including a 15% equity stake in the new company.
Bitfarms Expands Board Following Riot Platforms Deal
There will be a leadership change as part of the settlement, with Finkielsztain’s resignation and new board members. As a result of the agreement, Amy Freedman of Ewing Morris will become a director at Bitfarms
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