Bitcoin miner Argo Blockchain introduced that it requested the suspension of buying and selling its firm shares on Dec. 27, as the corporate expects to make an announcement on Wednesday, Dec. 28, 2022. The corporate’s inventory has misplaced 96.34% year-to-date and on Dec. 12, the bitcoin miner “superior negotiations with a 3rd celebration to promote sure belongings” in an effort to “strengthen its steadiness sheet and enhance its liquidity.”
Argo Blockchain Requested a Suspension of Inventory Buying and selling Pending an Official Announcement
On Tuesday, Dec. 27, 2022, the publicly-listed bitcoin miner Argo Blockchain (Nasdaq: ARBK) introduced that it has requested the suspension of buying and selling its shares by way of Nasdaq and the London Inventory Change as properly.
Argo detailed that it believes buying and selling will resume after the corporate makes an necessary announcement on Dec. 28. Argo disclosed that the announcement is “anticipated to be launched earlier than [the] opening of buying and selling on Wednesday.”
Argo is one in all many bitcoin mining operations that has suffered an excellent deal financially from the crypto winter. Through the first week of Nov. 2022, Argo’s inventory was downgraded by the monetary establishment Canaccord Genuity and Jefferies analysts.
One other publicly-listed bitcoin mining competitor Core Scientific filed for Chapter 11 chapter safety final week, and in late Sept. 2022, Compute North filed for Chapter 11 chapter safety. Stats present that publicly traded mining corporations collectively have money owed of greater than $4 billion.
Moreover, Argo by chance revealed documentation that mentioned it was voluntarily submitting for Chapter 11 chapter safety. Nonetheless, paperwork from Dec. 12, 2022, point out the miner is in “superior negotiations with a 3rd celebration to promote sure belongings.”
The corporate additional mentioned Argo “is hopeful that will probably be capable of consummate the transaction exterior of a voluntary Chapter 11 chapter submitting in the US, though there isn’t any assurance that the corporate can keep away from such a submitting.”
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