Bitfarms Expands Board and Appoints Andrew J. Chang as Independent Director

Bitfarms Expands Board and Appoints Andrew J. Chang as Independent Director

Timothy Morano Nov 21, 2024 04:42

Bitfarms announces board expansion to six members, appointing Andrew J. Chang as an independent director, following a special shareholder meeting. Key shareholder proposals were approved.

Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent player in the Bitcoin mining sector, has announced the outcomes of its special shareholder meeting held virtually on November 20, 2024. The meeting, which was attended by shareholders representing 50.83% of the company's outstanding common shares, resulted in several key decisions aimed at enhancing the company's governance and strategic direction.

Board Expansion and New Appointment

According to GlobeNewswire , one of the primary outcomes of the meeting was the approval of expanding Bitfarms' Board of Directors from five to six members. This decision received overwhelming support, with 97.84% of the votes cast in favor. Subsequently, Andrew J. Chang was appointed as an independent director, supported by 98.65% of the voting shareholders.

Shareholder Rights Plan Ratified

The meeting also saw the ratification of Bitfarms' shareholder rights plan, initially adopted in July 2024. The plan was approved with 98.58% of the votes cast in favor, reinforcing the company's commitment to protecting shareholder interests.

Andrew J. Chang's Credentials and Role

Andrew J. Chang brings two decades of experience in the technology sector to Bitfarms. As a founding partner of Liberty City Ventures and former COO of Paxos, Chang has been instrumental in driving innovation and growth in blockchain and digital payment solutions. His expertise is expected to contribute significantly to Bitfarms' strategic development.

About Bitfarms

Founded in 2017, Bitfarms is a vertically integrated Bitcoin data center company that operates across multiple countries, including Canada, the United States, Paraguay, and Argentina. With a focus on sustainable energy, Bitfarms leverages hydro-electric power to support its mining operations. The company currently operates 12 Bitcoin data centers, with two additional centers under development.

Andrew Chang expressed enthusiasm about his new role, stating, "Bitfarms has built an impressive operation in Bitcoin mining, and I’m thrilled to work with the Board to define the Company’s next chapter. There are incredible growth opportunities ahead, and Bitfarms is well-positioned for success."