Blockchain
Bitfarms (BITF) Faces TSX Postponement on Shareholder Rights Plan Consideration
Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin mining company, announced that the Toronto Stock Exchange (TSX) will postpone consideration of the company’s shareholder rights plan (Rights Plan). The deferral will remain in effect until the TSX has assurance that the appropriate securities commission will not intervene and the plan is ratified by Bitfarms shareholders by December 10, 2024, according to Globe Newswire.
Impact of deferral
The TSX’s decision to postpone does not affect the immediate implementation or operation of the Rights Plan, which will remain effective for at least six months from its adoption date of June 10, 2024, unless terminated earlier. The plan is designed to protect the interests of Bitfarms shareholders by preventing hostile takeovers.
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 hydroelectricity and long-term energy contracts to power its operations.
Bitfarms’ vertically integrated structure allows it to control various aspects of its operations, including proprietary data analytics systems, which improve operational performance and uptime. The company also offers in-house management, electrical engineering, installation services and numerous on-site technical repair centers.
Forward-Looking Statements
Bitfarms included forward-looking statements in its announcement, noting that these are based on current expectations, estimates and projections. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors influencing these results include the digital currency market, regulatory changes, and the company’s ability to maintain economical energy sources for its mining operations.
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