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Bitfarms | SC 13D: Statement of acquisition of beneficial ownership by individuals-Riot Platforms, Inc.(9.25%)

SEC ·  May 28 23:31

Summary by Moomoo AI

Riot Platforms, Inc., a Nevada-based vertically integrated Bitcoin mining company, has filed a Schedule 13D with the United States Securities and Exchange Commission on May 21, 2024, indicating a significant acquisition of shares in Bitfarms Ltd., a Canadian corporation. Riot Platforms has acquired approximately 9.25% of Bitfarms' common shares, amounting to 36,856,350 shares, using working capital funds totaling US$72,122,651. The acquisition is part of a non-binding proposal by Riot Platforms to purchase all outstanding common shares of Bitfarms for US$2.30 per share, combining cash and Riot's common stock. Riot Platforms has communicated this proposal to Bitfarms' board of directors through a letter dated April 22, 2024, and reiterated the offer in a second letter on May 28, 2024. Additionally, Riot Platforms plans to call a special...Show More
Riot Platforms, Inc., a Nevada-based vertically integrated Bitcoin mining company, has filed a Schedule 13D with the United States Securities and Exchange Commission on May 21, 2024, indicating a significant acquisition of shares in Bitfarms Ltd., a Canadian corporation. Riot Platforms has acquired approximately 9.25% of Bitfarms' common shares, amounting to 36,856,350 shares, using working capital funds totaling US$72,122,651. The acquisition is part of a non-binding proposal by Riot Platforms to purchase all outstanding common shares of Bitfarms for US$2.30 per share, combining cash and Riot's common stock. Riot Platforms has communicated this proposal to Bitfarms' board of directors through a letter dated April 22, 2024, and reiterated the offer in a second letter on May 28, 2024. Additionally, Riot Platforms plans to call a special meeting of Bitfarms' shareholders to nominate several independent directors to the board. The transaction, if successful, could lead to a change of control in Bitfarms, a change in the board of directors or management, the delisting of Bitfarms' common shares from the Nasdaq Stock Market, and the deregistration of the shares under the Act.

This announcement is a separate document:

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