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     293  0 Kommentare Bitfarms Receives Shareholder Meeting Requisition

    Reiterates Commitment to Strategic Alternative Review Process to Maximize Shareholder Value

    No Shareholder Action Required at this Time

    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, Quebec, June 24, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms” or the “Company”), a global Bitcoin vertically integrated company, today confirmed that it has received a shareholder meeting requisition from Riot Platforms, Inc. (“Riot”). The shareholder meeting is being requisitioned to gain control of the Company’s Board of Directors (the “Board”).

    Bitfarms issued the following statement:

    The Bitfarms Board of Directors and management team are committed to acting in the best interests of the Company and all of its shareholders. In that regard, the Board established a Special Committee of independent directors to conduct a strategic alternatives review process to thoroughly evaluate all opportunities to maximize shareholder value. The Special Committee determined that Riot’s April 22, 2024 proposal of $2.30 per share (which represents a 22% discount to Bitfarms closing price as of June 21, 2024) significantly undervalued the Company and offered to enter into a confidentiality and standstill agreement with Riot and provide additional information about the Company so that Riot could improve its proposal. Since that time, the Special Committee has repeatedly invited Riot to participate in the process, even executing the confidentiality and standstill agreement proposed by Riot. The Special Committee is disappointed that Riot declined to engage constructively and participate in the process, and instead has continued to take steps to attempt to undermine the integrity of the process and harm the interests of other Bitfarms shareholders. The Board and Special Committee remain committed to achieving the best outcome for all Bitfarms shareholders.

    The Company remains committed to constructive engagement with all shareholders and will review the requisition and provide an update in due course. Bitfarms shareholders are not required to take action at this time.

    Advisors
    Moelis & Company LLC is serving as financial advisor to Bitfarms. Skadden, Arps, Slate, Meagher & Flom LLP, Peterson McVicar LLP and McMillan LLP are acting as legal advisors. Innisfree M&A Incorporated and Laurel Hill Advisory Group have been retained as strategic advisors and proxy solicitation agents.

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