Bitcoin miner Bitfarms said on Tuesday its co-founder and chair Nicolas Bonta, one of the three board members its rival and top shareholder Riot Platforms sought to replace, will exit immediately.
The two companies have been locked in a dispute since April, when Riot made an unsolicited $950 million offer to acquire the Canada-based company.
Bitfarms said the bid undervalued it and adopted a poison pill to fend off any attempts at a hostile takeover.
Riot withdrew its offer, but is seeking three board seats on Bitfarms, and has said it is “ready to engage” with the reconstituted board on a potential transaction.
Bitfarms said its lead director Brian Howlett will replace Bonta, and its newly appointed CEO Ben Gagnon will also join the board. Additionally, the company said Liam Wilson will be its new chief operating officer. He was previously the COO of digital assets infrastructure firm Mawson Infrastructure Group.