Bitfarms Receives Shareholder Meeting Requisition

Core Viewpoint - Bitfarms is committed to maximizing shareholder value through a strategic alternatives review process, which includes evaluating a proposal from Riot Platforms that was deemed significantly undervalued [2][7]. Group 1: Strategic Review Process - The Bitfarms Board established a Special Committee of independent directors to conduct a thorough evaluation of opportunities to maximize shareholder value [2]. - Riot's proposal of $2.30 per share represents a 22% discount to Bitfarms' closing price as of June 21, 2024, and was considered significantly undervalued by the Special Committee [2]. - The Special Committee has invited Riot to engage in the process but expressed disappointment at Riot's lack of constructive participation [2]. Group 2: Company Overview - Bitfarms is a global Bitcoin mining company founded in 2017, operating vertically integrated mining farms with in-house management and technical services [9]. - The company currently operates 12 Bitcoin mining facilities and has one under development across Canada, the United States, Paraguay, and Argentina, primarily powered by environmentally friendly hydroelectric energy [10]. - Bitfarms utilizes a proprietary data analytics system to enhance operational performance and uptime [9]. Group 3: Shareholder Engagement - Bitfarms confirmed receipt of a shareholder meeting requisition from Riot, aimed at gaining control of the Board of Directors [7]. - The company remains committed to constructive engagement with all shareholders and will review the requisition, providing updates in due course [8]. - Shareholders are not required to take any action at this time regarding the requisition [8].