07:58 AM EDT, 06/12/2024 (MT Newswires) -- Riot Platforms ( RIOT ) said Wednesday that Bitfarms ( BITF ) is ignoring the concerns of shareholders by adopting a shareholder rights plan that prevents any stakeholder from acquiring 15% of the company's share without making a formal takeover offer.

Riot described the 15% trigger as "in direct conflict with established legal and governance standards," which it said is customarily 20%.

"This action further demonstrates the Bitfarms ( BITF ) board's entrenchment and disregard for the perspectives of its shareholders," said Riot Chief Executive Jason Les. "We will continue to push to address the serious corporate governance issues at Bitfarms ( BITF ) and ensure that shareholders have a say on the company's path forward."

Riot said Bitfarms' ( BITF ) poison pill comes just days after Riot called for the resignation of Nicolas Bonta as Bitfarms ( BITF ) chairman and urged Bitfarms ( BITF ) to consult with Riot and other large shareholders on new board members.

Bitfarms ( BITF ) did not immediately reply to MT Newswires' request for comment.

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