Riot Platforms, Inc. (NASDAQ: RIOT), an industry participant focused on vertically integrated Bitcoin mining, announced the appointment of Jaime Leverton, Doug Mouton and Michael Turner to its Board of Directors (the “Board”).
The three directors were selected through “a process conducted by the Board’s Governance and Nominating Committee, with constructive, independent input from each of Starboard Value LP and The D. E. Shaw Group.”
Collectively, the new directors reportedly possess “experience directly overseeing the conversion of Bitcoin mining assets for potential artificial intelligence (AI)/high- performance computing (HPC) uses, managing data center operations and maximizing the value of dynamic real estate properties similar to those owned and operated by Riot.”
As stated in the announcement, the Board will consist of six members, and Ms. Leverton and Mr. Mouton will be serving “as Class I Directors standing for election at the upcoming 2025 Annual Meeting of Stockholders.”
Additionally, current directors Hannah Cho and Hubert Marleau will be retiring from the Board.
These changes are all “effective immediately.”
Benjamin Yi, Executive Chairman of Riot, stated:
“Jaime, Doug and Michael bring complementary expertise to the Board that will be immediately applicable as we continue to assess how best to maximize the value of our unique assets. We would like to thank each of Starboard and D. E. Shaw for their respective input and constructive approach throughout this process. I would also like to thank Hannah and Hubert on behalf of the entire Board for their significant contributions during their time as directors. Their roles in the growth and evolution of Riot have been instrumental and we are grateful for their service to Riot and our shareholders.”
Riot also announced that it has engaged Evercore, a global independent investment bank, to act “as financial advisor in relation to the Company’s evaluation of AI/HPC uses for the Company’s power assets at its Corsicana Facility in Navarro County, Texas, in order to maximize their value.”
The firm has engaged Northland Capital Markets in order “to help support the evaluation process.”
Riot previously announced the launch of “a formal evaluation process and that it had engaged Altman Solon – a leading consultant to the data center industry – and other industry experts.”
Since the initial announcement of its formal evaluation process for the remaining power capacity at the Corsicana Facility, Riot has reportedly received increased inbound “interest from multiple potential counterparties and the Company looks forward to accelerating its engagement with the support of its financial advisors.”
Jason Les, CEO of Riot, commented:
“We are excited to continue to advance our AI/HPC evaluation process as we seek to maximize value for our entire portfolio of assets. We believe there is an opportunity to deliver substantial value to our shareholders and are confident we have the right team in place that will be able to help us conduct this process as efficiently and effectively as possible.”
As clarified in the update, tThere is no assurance that Riot’s existing assets are “suitable for AI/HPC conversion, that AI/HPC conversion can be achieved on financially advantageous terms or that an AI/HPC partnership can be negotiated on suitable terms that provide sufficient value for shareholders.”
As covered, Riot says its vision is to serve as the Bitcoin-driven infrastructure platform.
Their mission is to positively “impact the sectors, networks and communities that they touch.”
Riot is a Bitcoin mining and digital infrastructure company “focused on a vertically integrated strategy.”
The firm reportedly has Bitcoin mining operations in “central Texas and Kentucky, and electrical switchgear engineering and fabrication operations in Denver, Colorado.”