The suspension of buying and selling exercise is due to a serious announcement by Argo blockchain on Wednesday. Earlier this month, Nasdaq suspended buying and selling exercise for the Bitcoin miner on rumors of the chapter submitting.
On Tuesday, December 27, Bitcoin miner Argo blockchain announced that it has suspended buying and selling on the Nasdaq platform due to an upcoming announcement anticipated on Wednesday.
Argo Blockchain Buying and selling on Nasdaq
It’s a non permanent suspension and buying and selling of its American depositary shares (ADS) will resume as soon as once more on Wednesday. In its press launch, Argo blockchain stated that it must droop buying and selling due to an announcement on Wednesday, and in addition as a result of the London Inventory Alternate was closed on December 27.
At our request, @Nasdaq quickly suspended buying and selling of Argo’s ADSs and unsecured notes for as we speak – Tues Dec 27.
We’ll be making an announcement tomorrow (Dec 28) through RNS earlier than the @LSEplc opens within the UK…we count on buying and selling on Nasdaq to renew tomorrow.#ARB $ARBK #BTC
— Argo (@ArgoBlockchain) December 27, 2022
As acknowledged, the UK-based bitcoin miner can be listed on the London Inventory Alternate. Argo blockchain had quickly suspended buying and selling earlier this month after they introduced being susceptible to inadequate funds to help inner operations.
The current improvement on Tuesday as soon as once more places buyers on the sting of staying involved in regards to the firm’s operations.
Is Argo on the Verge of Chapter?
Earlier this month, Bitcoin miner Argo blockchain by accident printed the draft supplies on its web site including that they’ve inadvertently filed for Chapter 11 chapter safety in america. In response, Nasdaq and the London Inventory Alternate suspended buying and selling of its shares. Nonetheless, Argo blockchain later clarified that they haven’t filed for chapter and requested the exchanges to renew buying and selling its shares.
As an alternative, the Bitcoin miner stated that they had been in superior negotiations with a 3rd celebration to promote sure property whereas securing tools financing. Argo Blockchain noted:
“The corporate is hopeful that will probably be in a position to consummate the transaction outdoors of a voluntary Chapter 11 chapter submitting in america, though there isn’t a assurance that the corporate can keep away from such a submitting”.
Earlier in October, Argo had additionally warned that it may develop into cashflow unfavourable within the case it failed to lift cash after its monetary deal fell via. In such a case, the corporate may need to stop operations.
In one other replace on December 16, Argo stated that it has been going through unfavourable consideration from Nasdaq since its inventory worth traded underneath $1 for 30 consecutive days in a row. If the corporate fails to get its inventory worth once more above $1 within the subsequent 180 days, it could possibly be susceptible to delisting from Nasdaq.
New RNS: we acquired discover from @Nasdaq as our ADSs have closed under $1 for 30 buying and selling days
We’ve 180 days to treatment this deficiency
No influence to our operations or LSE itemizing, and no influence to our ongoing negotiations
Full RNS: https://t.co/Au3txnlkHL
#ARB $ARBK #BTC— Argo (@ArgoBlockchain) December 16, 2022
2022 has been one of many hardest years for Bitcoin mining corporations. A few of the prime gamers like Riot Blockchain, Marathon Digital, Core Scientific, Agro Blockchain and Bitfarms have all introduced bankruptcies. Amid these developments, the worth of ASIC miners has additionally dropped to multi-year lows.
Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s repeatedly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary abilities.