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Bitcoin mining agency Argo blockchain has suspended buying and selling of its American depositary shares (ADS) on Nasdaq, in accordance to a Dec. 27 press launch. The corporate stated it wanted to droop buying and selling due to an announcement that may come on Dec. 28 and since the London Inventory Trade is closed on Dec. 27. Argo stated that it expects shares to renew Nasdaq buying and selling on Dec. 28.
At our request, @Nasdaq quickly suspended buying and selling of Argo’s ADSs and unsecured notes for at this time – Tues Dec 27.
— Argo (@ArgoBlockchain) December 27, 2022
The assertion comes after the corporate has been plagued with monetary issues and confronted chapter rumors on account of rising power prices and falling Bitcoin (BTC) costs.
On Dec. 9, Argo inadvertently shared a doc with a reporter that falsely declared it to have filed for chapter. In response, the London Inventory Trade and Nasdaq suspended buying and selling of its shares. The staff responded by requesting that its shares resume buying and selling, because it had not really filed for chapter.
On the time, the corporate admitted that it was “susceptible to having inadequate money to help ongoing enterprise operations throughout the subsequent month.” Nonetheless, it acknowledged that it was nonetheless making an attempt to keep away from Chapter 11 chapter.
On Dec. 16, the agency introduced that it was dealing with additional adverse consideration from Nasdaq, as its shares had traded under $1 for 30 consecutive days. If the corporate didn’t get its share worth to shut above $1 throughout the subsequent 180 days, it will be delisted from Nasdaq.
New RNS: we acquired discover from @Nasdaq as our ADSs have closed under $1 for 30 buying and selling days
Now we have 180 days to treatment this deficiency
No impression to our operations or LSE itemizing, and no impression to our ongoing negotiations
— Argo (@ArgoBlockchain) December 16, 2022
This new suspension of buying and selling on Dec. 27 was not initiated by the inventory trade. As a substitute, Argo voluntarily requested that buying and selling of its shares be halted. An announcement is predicted from the staff on Dec. 28, previous to the 8:00 am UTC opening of the London Inventory Trade.