Summary by Moomoo AI
On June 10, 2024, Bitfarms Ltd., a global Bitcoin mining company, announced the unanimous approval by its Board of Directors of a shareholder rights plan (Rights Plan) to ensure the integrity of its ongoing strategic alternatives review process. The Rights Plan was adopted in response to Riot Platforms, Inc.'s unsolicited proposal to acquire all issued and outstanding common shares of Bitfarms and its subsequent actions, which the Special Committee believes significantly undervalues the company. Riot, holding 11.62% of Bitfarms' voting securities, has been acquiring additional shares in an attempt to circumvent the strategic review process. The Rights Plan, effective June 10, 2024, will issue rights to shareholders at the close of business on June 20, 2024, allowing them to purchase common shares at a discount if...Show More