Troubled Bitcoin Miner Argo Blockchain Suspends 24-Hour Listing

For Hannah Perez

The public crypto mining company, which is looking for alternatives to avoid bankruptcy, suspended trading in its shares on Nasdaq on Tuesday.

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  • Argo Blockchain suspends trading of its shares on Nasdaq
  • The Bitcoin miner previously received an alert for the reduced price of its shares
  • In an attempt to avoid bankruptcy, Argo is in the process of restructuring

The actions of Argo Blockchain They are not enabled for listing on the US stock market this Tuesday.

Argo Blockchaina mining company Bitcoin company whose shares are listed on the London Stock Exchange (ARB) and Nasdaq (ARBK), announced on Tuesday the temporary suspension of trading of its shares on the US market since the UK market is closed during the day.

The London-based crypto miner highlighted in a release that the suspension is scheduled to last for 24 hours and that he expects trading on Nasdaq to resume on December 28, 2022. He also announced that he intends to make a statement before the start of trading on Wednesday.

The news comes amid the company’s financial woes. Argo, based in London, disclosed in late October that it is facing negative cash flow following the cancellation of a share sale deal. Although he warned about the possible closure of his operations, he reported at that time that he is looking for financing alternatives.

In an attempt to avoid bankruptcy, the miner has been in talks to sell some of its assets and raise capital. Two weeks ago, Argo Blockchain he said he was close to restructuring without having to declare bankruptcy. At the time, it said it was in advanced negotiations to sell some of its assets and carry out an equipment financing operation to strengthen its balance sheet and improve its liquidity.

Actions of Argo suffer in Nasdaq

The company already received a notice from Nasdaq a few weeks ago alerting him about the unacceptable price of its shares, which does not meet the exchange’s minimum offering requirement. The share price of Argo it has plunged more than 95% this year amid the steep bear cycle in the crypto market.

After starting the year slightly above USD $12, the price of the shares of the mining company Bitcoin it has fallen to less than US$3 for the past few months; since November they have been trading below USD $1.

According to a statement from ArgoNasdaq warned him that his shares have maintained a price less than one dollar for 30 consecutive business days. The company now has until June 12, 2023 to meet the minimum offer price requirement again, or else they could suspend trading of its shares on that market.

The actions of Argo Blockchain in the US stock market they have risen slightly, although they are still below the expected level. According to the last closing, they were quoted at USD $0.54. Meanwhile, on the London stock market, they are slightly above USD $4 after having started the year above USD $80.

The company is just one in a long line of cryptocurrency industry players that has found itself in trouble in 2022. Last week, Core Scientificone of the miners of Bitcoin largest in the world and also listed on the stock exchange, filed for bankruptcy in the US a few months ago Compute North he did the same.


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Article by Hannah Estefanía Pérez / DailyBitcoin

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CAVEAT: This is an informative article. DiarioBitcoin is a communication medium, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. They may not be appropriate for retail investors, as the entire amount invested could be lost. Check the laws of your country before investing.