Bitfarms (BITF) Faces TSX Deferral on Shareholder Rights Plan Consideration
Rongchai Wang Jun 11, 2024 08:05
Bitfarms announced that the TSX has deferred its decision on the company's Shareholder Rights Plan.
Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin mining company, has announced that the Toronto Stock Exchange (TSX) will defer its consideration of the company's tactical shareholder rights plan (Rights Plan). The deferral will remain in place until TSX is assured that the appropriate securities commission will not intervene, and the plan is ratified by Bitfarms' shareholders by December 10, 2024, according to GlobeNewswire.
Impact of the Deferral
The TSX's decision to defer 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 firm operates 12 mining facilities across four countries: Canada, the United States, Paraguay, and Argentina. Bitfarms is committed to using environmentally friendly hydro-electric power and long-term power contracts to fuel its operations.
Bitfarms' vertically integrated structure allows it to control various aspects of its operations, including proprietary data analytics systems, which enhance operational performance and uptime. The company also offers in-house management, electrical engineering, installation services, and multiple onsite technical repair centers.
Forward-Looking Statements
Bitfarms has 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 affecting these outcomes include the digital currency market, regulatory changes, and the company's ability to maintain economical power sources for its mining operations.
Image source: Shutterstock