Bitcoin miner Argo Blockchain introduced that it requested the suspension of buying and selling its company shares on Dec. 27, because the company expects to make an announcement on Wednesday, Dec. 28, 2022. The company’s stock has lost 96.34% year-to-date and on Dec. 12, the bitcoin miner “advanced negotiations with a third party to sell certain assets” so as to “strengthen its balance sheet and improve its liquidity.”
Argo Blockchain Requested a Suspension of Stock Trading 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 Stock Exchange as nicely.
Argo detailed that it believes buying and selling will resume after the company makes an necessary announcement on Dec. 28. Argo disclosed that the announcement is “expected to be released before [the] opening of trading on Wednesday.”
Argo is one among many bitcoin mining operations that has suffered a fantastic deal financially from the crypto winter. During the primary week of Nov. 2022, Argo’s stock was downgraded by the monetary establishment Canaccord Genuity and Jefferies analysts.
Another 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 show that publicly traded mining companies collectively have money owed of greater than $4 billion.
Furthermore, Argo accidentally published documentation that mentioned it was voluntarily submitting for Chapter 11 chapter safety. However, documents from Dec. 12, 2022, point out the miner is in “advanced negotiations with a third party to sell certain assets.”
The company additional mentioned Argo “is hopeful that it will be able to consummate the transaction outside of a voluntary Chapter 11 bankruptcy filing in the United States, although there is no assurance that the company can avoid such a filing.”
What do you concentrate on Argo Blockchain suspending buying and selling so as to make an announcement on Wednesday? Let us know what you concentrate on this topic within the feedback part beneath.
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