Riot Platforms, Inc. - RIOT STOCK NEWS

Riot Platforms commented on Bitfarms' adoption of a shareholder rights plan, known as a 'Poison Pill'.

This plan prevents any shareholder from acquiring 15% or more of Bitfarms' shares without making a formal takeover bid. Riot criticized this move, stating it contradicts established legal and governance standards and reflects poor corporate governance.

CEO Jason Les highlighted that Riot had tried to privately engage with Bitfarms, urging the addition of independent directors and the resignation of Chairman Nicolas Bonta. Despite these efforts, Bitfarms implemented the Poison Pill with a lower-than-usual threshold, further entrenching its board.

Riot continues to advocate for better corporate governance at Bitfarms.

Riot Platforms announces the acquisition of 1,460,278 common shares of Bitfarms , increasing its ownership to 12%. The shares were bought on June 5, 2024, at an average price of US$2.45 per share, totaling approximately US$3.58 million. Prior to this purchase, Riot owned 11.63% of Bitfarms' outstanding shares. Riot now plans to requisition a special meeting to nominate new directors to Bitfarms' board, citing concerns about corporate governance. Riot will continue to review its investment based on various factors, including market conditions and Bitfarms' financial position.

Riot Platforms announced its May 2024 production and operations updates, highlighting a significant decrease in Bitcoin (BTC) production to 215 BTC, a 43% drop from April 2024 and a 68% drop from May 2023. Despite this, the company's deployed hash rate increased to 14.7 EH/s, a 17% rise from April 2024 and a 39% increase year-over-year. Power and Demand Response Credits earned surged to $7.3 million, a 244% increase from April 2024. Operations at the Corsicana facility progressed, with the first 100 MW building fully developed and an additional 3.1 EH/s added to the self-mining capacity. However, operations were temporarily halted due to a lightning strike. Riot anticipates achieving a total self-mining hash rate capacity of 41 EH/s by 2025.

Riot Platforms announces the acquisition of 3,002,350 common shares of Bitfarms , increasing its ownership to 10% as of May 28, 2024.

The shares were purchased at an average price of $2.19 per share, totaling $6.57 million.

Riot's move follows a non-binding proposal to acquire all outstanding shares of Bitfarms at $2.30 per share, involving a mix of cash and Riot stock.

Riot intends to request a special shareholder meeting to nominate new directors and discuss the proposal.

If successful, the acquisition could result in significant changes, including a shift in control, board reconfiguration, and delisting from major stock exchanges.

Riot Platforms has proposed to acquire Bitfarms for US$2.30 per share, valuing Bitfarms at around US$950 million. This offer includes cash and Riot common stock, giving Bitfarms shareholders a 24% premium over its one-month volume-weighted average price. Riot has already acquired a 9.25% stake in Bitfarms and plans to hold a special meeting to add independent directors to Bitfarms' Board. The proposed merger aims to create the largest publicly listed Bitcoin miner, with significant geographic diversification and a strong financial profile. Riot's financial resources are expected to drive future growth for the combined entity.

Riot Platforms, Inc. (NASDAQ: RIOT) announces production and operations updates for April 2024. The company produced 375 Bitcoins in April 2024, marking a decrease from the previous months. Riot has energized its second Bitcoin mining facility in Corsicana, Texas, with plans to further expand its infrastructure. The Corsicana Facility is expected to have a total mining capacity of 1,000 MWs upon completion. Riot anticipates achieving a total self-mining hash rate capacity of 31 EH/s by the end of 2024 through strategic partnerships and equipment deployments.

Riot Platforms, Inc. reported impressive financial results for the first quarter of 2024, with total revenue of $79.3 million, net income of $211.8 million, and earnings per share of $0.82. The Company also achieved significant milestones like energizing the new Corsicana Facility, which will be the largest Bitcoin mining facility globally once fully developed. Riot anticipates increasing its self-mining hash rate capacity to 31 EH/s by the end of the year. Despite challenges like decreased Bitcoin production and increased mining costs, Riot's strong financial position with $692.5 million in working capital and industry-leading growth prospects make it a key player in the Bitcoin mining industry.