09:32 AM EDT, 06/24/2024 (MT Newswires) -- (Updates with further details, MT Newswires' attempt to contact Bitfarms ( BITF ) in the sixth paragraph.)

Riot Platforms ( RIOT ) said Monday it has requisitioned a special meeting of Bitfarms ( BITF ) shareholders to reconstitute the Bitfarms ( BITF ) board.

Riot, which is Bitfarms' ( BITF ) largest shareholder, also said it has formally withdrawn its previous proposal to acquire all Bitfarms ( BITF ) common shares for $2.30 per share "and stands ready to engage and negotiate with a reconstituted Bitfarms Board to pursue a mutually beneficial combination of Bitfarms ( BITF ) and Riot."

The special meeting would give Bitfarms ( BITF ) shareholders the chance to vote on the removal of Bitfarms Chair and interim Chief Executive Nicolas Bonta and director Andres Finkielsztain as well as any person who fills the vacancy on the board created by the resignation of co-founder Emiliano Grodzki, Riot said.

"The bottom line is this: over the course of more than a year of attempting to engage constructively with the Bitfarms Board regarding a potential combination of Bitfarms ( BITF ) and Riot, it has become evident to Riot that good faith negotiations simply will not be possible until there is real change in the Bitfarms ( BITF ) boardroom," Riot said.

Riot said it owns a nearly 15% stake in Bitfarms ( BITF ).

Bitfarms ( BITF ) didn't immediately respond to a request for comment by MT Newswires.

Price: 9.22, Change: -0.34, Percent Change: -3.51