377 0 Kommentare Bitfarms Announces Acceleration of Previously Announced Termination of CEO and Provides Update on New CEO Appointment

- Geoffrey Morphy terminated as CEO and Nicolas Bonta appointed on interim basis -
- CEO Executive search nearing completion -

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario and BROSSARD, Québec, May 13, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin mining company, today announces that Geoffrey Morphy, who had been continuing as President and Chief Executive Officer pending an executive search for a replacement as announced on March 25, 2024, has been terminated effective immediately. Mr. Morphy also no longer serves as a director of the Company. On May 10, 2024, Mr. Morphy filed a Statement of Claim in the Superior Court of Ontario against the Company claiming damages for breach of contract, wrongful dismissal and aggravated and punitive damages in the amount of USD$27 million. The Company believes the claims are without merit and intends to defend itself vigorously. Nicolas Bonta, Chairman and Co-Founder of the Company, has been appointed interim President and Chief Executive Officer, and will lead the Company until the executive search is completed and his successor is appointed.

The Company also announced that the CEO executive search is nearing completion and that the Company will be appointing a new CEO in the next several weeks.

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 11 operating Bitcoin mining facilities and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.