TLDR
- Bitfarms Ltd. (BITF), a global Bitcoin mining company, announced that the Toronto Stock Exchange (TSX) has deferred its consideration of the company’s tactical shareholder rights plan (Rights Plan).
- The deferral will remain in place until the TSX is assured that the appropriate securities commission will not intervene, and the plan is ratified by Bitfarms’ shareholders by December 10, 2024.
- The Rights Plan is designed to protect the interests of Bitfarms’ shareholders by preventing hostile takeovers.
- Bitfarms operates 12 mining facilities across four countries: Canada, the United States, Paraguay, and Argentina, using environmentally friendly hydro-electric power and long-term power contracts.
- The company is vertically integrated, controlling various aspects of its operations, including proprietary data analytics systems, electrical engineering, installation services, and multiple onsite technical repair centers.
Bitfarms Ltd. (BITF), a global Bitcoin mining company, recently announced that the Toronto Stock Exchange (TSX) has deferred its consideration of the company’s tactical shareholder rights plan (Rights Plan).
The deferral will remain in place until the TSX is assured that the appropriate securities commission will not intervene, and the plan is ratified by Bitfarms’ shareholders by December 10, 2024.
The Rights Plan is designed to protect the interests of Bitfarms’ shareholders by preventing hostile takeovers.
It is a common defensive measure used by companies to discourage attempts by third parties to acquire a controlling interest in the company without paying a fair price.
The plan aims to ensure that all shareholders receive equal treatment in the event of a takeover bid.
Despite the TSX’s deferral, the Rights Plan remains effective for at least six months from its adoption date of June 10, 2024, unless terminated earlier.
This means that the plan is currently in operation and will continue to protect the company and its shareholders during this period.
Bitfarms is a vertically integrated Bitcoin mining company, founded in 2017. The company operates 12 mining facilities across four countries: Canada, the United States, Paraguay, and Argentina.
It is committed to using environmentally friendly hydro-electric power and long-term power contracts to fuel its operations, aligning with the growing emphasis on sustainable practices in the cryptocurrency industry.
One of Bitfarms’ strengths lies in its vertically integrated structure, which allows the company to control various aspects of its operations.
This includes 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, enabling greater efficiency and control over its operations.
In its announcement, Bitfarms included forward-looking statements, noting that these are based on current expectations, estimates, and projections.
The company acknowledged that 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.
