Welcome to the special meeting of Bitfarms Ltd. Please note that this meeting is being recorded. I would like to introduce Edie Hofmeister, Chair of the Board of Directors of Bitfarms Ltd. Ms. Hofmeister, please go ahead.
Good morning, ladies and gentlemen. My name is Edie Hofmeister, and I'm the Chair of the Board of Directors of Bitfarms. It's my pleasure to welcome you to today's special meeting of shareholders of Bitfarms. At this time, I call to order this special meeting. Joining me today are the other directors of Bitfarms, Brian Howlett, Fanny Philip, Wayne Duso, Amy Freedman, and Benjamin Gagnon, who is also our CEO. Our Chief Financial Officer, Jonathan Mir, and our Global General Counsel, Rachel Silverstein, are also in attendance at this meeting. I will act as Chair of this meeting, and I will ask Rachel Silverstein to act as Secretary for this meeting. With the consent of the meeting, I appoint TSX Trust Company, represented by Julie Kim, to act as scrutineer.
I have received proof of the mailing of the notice calling this special meeting and the accompanying Management Information Circular dated February 17, 2026, which was sent to all holders of common shares in the form of proxy and letter of transmittal, which were sent to all registered holders of common shares. In each case, as of the close of business on the record date of February 13, 2026. These materials were also filed and are also available on SEDAR. I ask that a copy of each of these materials, including the proof of mailing, be retained by the Secretary with records of this special meeting. I have received the preliminary scrutineer's report on attendance, indicating that at today's special meeting we have 374 shareholders represented by proxy and management proxies representing 177,194,069 shares.
As at the record date, we had 602,727,574 issued and outstanding shares, and therefore 29.399% of the outstanding shares are represented by proxy or management proxy at today's special meeting. I adopt the report of the scrutineer and declare the attendance at this special meeting to be as set out herein. As a quorum is present and as proper notice of this special meeting has been given, I declare this special meeting to be properly called and constituted for the transaction of business. Before turning to the formal business of the meeting, I'm going to take a minute to explain the process for this meeting. We're holding this meeting virtually through a live audio webcast. As a result, voting on all matters at the meeting will be conducted by electronic ballot.
Registered shareholders and duly appointed proxy holders who have followed the proper procedure of requesting a meeting access number to log in may vote on each item of formal business. If you voted your shares prior to the proxy cutoff time, your vote has been received by the scrutineers, and there's no need to vote those shares again during the meeting unless you wish to revoke your previously submitted proxy. At any time during the meeting, registered shareholders and duly appointed proxy holders who have not already voted and who have logged in properly with their control number or meeting access number and wish to vote their shares may do so by clicking on the voting icon on your screen, selecting your voting direction from the options shown on the screen, and clicking submit.
The polls will remain open until just before the conclusion of the formal business of this meeting. Proxy holders, including beneficial owners who appointed themselves as proxy holders, should have logged into the webcast by entering their control number they received from the registered or beneficial owner who appointed them. If shareholders and proxy holders have logged on properly, when you click the voting icon on your screen, the items of business to vote on will be displayed. To vote, select your voting direction from the options shown on the screen and click Submit. You may vote on the items and change your vote at any time until the polls are closed. We've been advised by TSX Trust, the scrutineers for the meeting, that based on proxies already deposited with them, there have been enough votes cast to carry the motion.
Shareholders or proxy holders may ask questions relating to the formal business of the meeting at any time during the meeting by submitting the question in writing in the text box on your screen that says, "Ask a question." We will now proceed with the formal business of the meeting.
The purpose of today's meeting is for the shareholders of Bitfarms to, pursuant to an interim order of the Ontario Superior Court of Justice dated February 13, 2026, consider, and if determined advisable, pass a special resolution to approve a proposal, a proposed plan of arrangement pursuant to which each existing common share of Bitfarms will be exchanged for one share of common stock of Keel Infrastructure Corp, a newly incorporated entity formed under the laws of the State of Delaware in the United States of America that will become the ultimate parent company of Bitfarms and its subsidiaries as a result of the arrangement. The full text of this special resolution, also known as the Arrangement Resolution, is set forth in Appendix A to the Management Information Circular. The Board of Directors of Bitfarms has unanimously recommended that shareholders vote for the Arrangement Resolution.
Independent proxy advisory firms, including Institutional Shareholder Services Inc., are also supportive and recommend shareholders vote for the Arrangement Resolution. To be effective, the Arrangement Resolution will require the affirmative vote of at least 66 2/3% of the votes cast by holders of common shares of Bitfarms present in person or represented by proxy at this special meeting. Unless otherwise directed, management will vote all shares for which they have been designated proxy in favor of the Arrangement Resolution. May I have a motion approving the Arrangement Resolution in the form set out in Appendix A to the Management Information Circular? In order to save time, with the consent of the meeting, I propose to dispense with the full reading of the Arrangement Resolution and have the text be taken as having been read in full.
I'd like to ask Rachel Silverstein, our General Counsel, Global, to move the motion, and Jonathan Mir, our Chief Financial Officer, to second the motion.
I move that the arrangement resolution in the form set out in Appendix A to the Management Information Circular be approved.
I second the motion.
Thank you. Is there any discussion on this motion? Seeing there are no comments or questions, it is now time to vote on the motion. Registered shareholders and duly appointed proxy holders may vote if they haven't already. I declare the polls open for voting. We will be closing the polls for voting momentarily. Now that registered shareholders and duly appointed proxy holders have had the opportunity to vote, I declare the polls closed. The scrutineers have provided their preliminary report based on management proxies received prior to the meeting. The report indicates that 173,274,022 shares represented by management proxies voted in favor of the Arrangement Resolution, and 1,173,232 shares represented by management proxies voted against the Arrangement Resolution.
As a result, I adopt the scrutineers' preliminary report with respect to the Arrangement Resolution and declare that the Arrangement Resolution has been passed and the motion is carried. The final report on voting results will be provided by the scrutineers after the meeting and will be incorporated into the minutes of the meeting. The percentage of votes counted for or against the Arrangement Resolution will be disclosed in a press release that will be filed on SEDAR. The formal agenda for this special meeting is now completed. Before I declare the formal business of today's special meeting to be concluded, I will ask Rachel Silverstein whether we have received any questions relating to the formal business of the meeting today.
No, we have not.
As there is no further business to be brought before the meeting, I declare the formal business of today's special meeting to be concluded. On behalf of the Board of Directors and Bitfarms, I would like to thank everyone who attended today, marking this important milestone in the history of our company. We appreciate the support that all of our shareholders have shown over the years and during this transformational process. We look forward to completing the final phase of our pivot to the U.S. and continuing our business from April 1 onward as Keel Infrastructure.
Thank you for attending today's meeting. You may now disconnect.