Argo Blockchain Requests Temporary Suspension of Trading on NASDAQ

Bitcoin mining large Argo Blockchain has requested buying and selling of its shares and unsecured notes on the NASDAQ inventory trade be suspended till December twenty eighth.

The corporate, which trades on each the NASDAQ and the London Inventory Trade (LSE), said that it desires to make an announcement earlier than resuming its commerce on Wednesday.

• The most recent improvement comes simply two weeks after Argo warned that it’s liable to holding “inadequate money” to maintain up with its operations within the subsequent month.
• Its plan to secure $27 million in partnership with an investor via a shares subscription additionally fell via in October.
• The Bitcoin miner was then reported to be in superior negotiations with a 3rd celebration to promote a few of its property and conduct an gear financing transaction to spice up its steadiness sheet and improve liquidity, as per a submitting with the London Inventory Trade.
• Nevertheless, Argo had expressed hopes to execute a deal with out submitting for Chapter 11 chapter whereas including that “there isn’t a assurance that the corporate can keep away from such a submitting.”
• McDermott Will & Emery LLP are performing as authorized advisers, whereas Berkeley Analysis Group was appointed because the embattled firm’s monetary adviser.
• Argo revealed mining 198 bitcoins in November, a drop from 204 within the month prior, resulting from a rise within the Bitcoin community issue.
• Because of the market-wide stoop, the London-based crypto miner’s inventory is down greater than 95% this yr from $12.7 to $0.53 at press time.