08:03 AM EDT, 09/23/2024 (MT Newswires) -- Bitfarms ( BITF ) and Its largest shareholder, NASDAQ-listed Riot Platforms ( RIOT ), on Monday reached a settlement agreement ahead of the Bitfarms ( BITF ) shareholders' meeting scheduled for Nov. 6.

Three months ago, Riot Platforms ( RIOT ) requested a shareholders' meeting be held to vote on changing Bitfarms' ( BITF ) board. One of Riot's demands had been for the removal of director Andres Finkielsztain who has since now stepped down. Riot nominee Amy Freedman has been appointed to the board and the Governance and Nominating Committee and Compensation Committee, effective immediately.

At the Nov. 6 special meeting, shareholders will be asked to approve expanding the board from five to six members and to ratify the company's shareholder rights plan.

Riot, which owns 14.9% of Bitfarms ( BITF ) shares, has also been granted certain rights to purchase additional Bitfarms ( BITF ) shares, if it increases its stake to 15% or more.

"We recognize the importance of refreshment and having the right mix of skills, experience and diversity [on the board], and we are always open to adding qualified candidates with valuable insights and perspectives to strengthen our Board," said Chairman Brian Howlett. "We are pleased to reach this agreement with Riot, which we believe is in the best interests of all Bitfarms ( BITF ) shareholders."

Bitfarms ( BITF ) was last seen up US$0.01, to US$2.01 in U.S. premarket trade.