Tribunal rules crypto company’s takeover defence offside [Investment Executive - News]
Bitfarms Ltd. (BITF)
Company Research
Source: Investment Executive - News
A crypto mining company wasn’t justified in adopting an anti-takeover defence triggered below the basic threshold of a prospective buyer building a 20% stake in a target company, Ontario’s Capital Markets Tribunal ruled. The decision came in response to an application from Riot Platforms Inc., a Bitcoin mining company which sought an order cease trading a shareholder rights plan that was adopted by another Bitcoin miner, Bitfarms Ltd. That was in response to Riot pursuing a possible takeover of Bitfarms. According to the tribunal’s decision, Bitfarms set the trigger for the plan at 15% — meaning that the plan would take effect when a prospective buyer built up a stake in the company that crossed the 15% mark. Bitfarms adopted its shareholder rights plan in June. At that point, existing shareholders would be entitled to purchase more shares in the company at half price, making a potential takeover much costlier. Riot asked the tribunal to cease trade Bitfarms’ plan, arguing that th
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BITF
News
- Bitfarms Files Second Amended and Restated Prospectus Supplement for its Existing At-the-Market Equity Offering Program [Canadian Business Journal (Canada)]Canadian Business Journal
- Bitfarms Files Second Amended and Restated Prospectus Supplement for its Existing At-the-Market Equity Offering ProgramGlobeNewswire
- High Growth Tech Stocks To Watch For Potential Portfolio Boost [Yahoo! Finance]Yahoo! Finance
- Bitfarms Announces Restatement of Previously Issued Financial Statements [Canadian Business Journal (Canada)]Canadian Business Journal
- Bitfarms Announces Restatement of Previously Issued Financial StatementsGlobeNewswire
BITF
Sec Filings
- 12/20/24 - Form F-4/A
- 12/18/24 - Form SUPPL
- 12/18/24 - Form 6-K
- BITF's page on the SEC website