Bitfarms (BITF) Faces TSX Delay in Shareholder Rights Plan Considerations

Bitfarms (BITF) Faces TSX Delay in Shareholder Rights Plan Considerations

Global Bitcoin mining company Bitfarms Ltd. (Nasdaq/TSX: BITF) announced that the Toronto Stock Exchange (TSX) will postpone consideration of the company’s tactical Shareholder Rights Plan. According to GlobeNewswire, the delay will remain in place until the TSX is confident the appropriate securities commission will not intervene and Bitfarms’ shareholders ratify the plan by December 10, 2024.

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The TSX’s decision to postpone will not affect the immediate implementation or operation of the Rights Plan and will remain in effect for at least six months from the date of adoption, June 10, 2024, unless terminated earlier. The plan is designed to protect the interests of Bitfarms shareholders by preventing a hostile takeover.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a vertically integrated Bitcoin mining company. The company operates 12 mining facilities in four countries: Canada, the United States, Paraguay, and Argentina. Bitfarms is committed to using environmentally friendly hydroelectric power and long-term power contracts to facilitate its operations.

Bitfarms’ vertically integrated structure allows it to control many aspects of its operations, including proprietary data analytics systems that improve operational performance and uptime. The company also offers in-house management, electrical engineering, installation services and several on-site technical repair centers.

Forward-Looking Statements

Bitfarms included forward-looking statements in its announcement, noting that they are based on current expectations, estimates and projections. These statements involve risks and uncertainties that could cause actual results to differ materially from the results expressed or implied. Factors affecting these results include digital currency markets, regulatory changes, and the Company’s ability to maintain economical power sources for its mining operations.

Image source: Shutterstock

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