Argo Blockchain Requests Nasdaq Suspend Trading of Their Shares Due to Restructuring

Argo Blockchain requests a suspension of trading ahead of their forward-looking statement on Wednesday.

Woman points finger in font of logo Argo.
DailyCoin
  • Bitcoin miner Argo Blockchain is a publicly listed UK-based company. They have requested that the NASDAQ suspend trading ahead of an announcement planned for Wednesday. 
  • The company previously announced that it could restructure without declaring bankruptcy.

UK-based Bitcoin mining company Argo Blockchain requested a 24-hour trading suspension by NASDAQ ahead of their Wednesday forward-looking statement. The company is publicly traded on the NASDAQ (ARBK) and the London Stock Exchange (ARB).

The company expects to make the forward-looking statement before trading opens on Wednesday. 

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Argo Blockchain previously faced the possibility of bankruptcy; however, they are in ‘advanced negotiations with a third party to sell certain assets’ and finance their equipment. 

In a December 12th press release Argo Blockchain mentioned that they are hopeful of restructuring the company without a voluntary US Chapter 11 bankruptcy filing. However, it was stressed that there is ‘no assurance that the Company can avoid such a filing.’

Wednesday’s announcement will see progressive steps for Argo Blockchain after they warned of potential negative cash flow in October due to the collapse of a $27 million financing deal.

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Other mining companies have also faced trouble, with Core Scientific filing for bankruptcy after a similar October warning

On the Flipside

Why You Should Care

Argo Blockchain is a reputable publically listed company. As more businesses suffer after recent events, investors need to keep note of the ongoing situation.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Zack Dadfar

Zack is a Crypto writer and trader, having been trading digital assets since 2017. Throughout time his portfolio and knowledge has grown, leading him down the writing path. With multiple project launches under his belt (NFTs and DeFi), and a degree in English Literature, Zack is excited to be combining his skills and passions to write for DailyCoin readers.