Argo Blockchain asks Nasdaq to suspend trading of its shares

The British mining company Argo Blockchain asked Nasdaq to suspend trading of its shares until a statement on Wednesday, 28 December.

The company will issue a press release before the trading session begins.

According to the company’s Twitter feed, on December 16 the exchange notified it of a potential delisting — the shares have traded below $1 for 30 trading days, which breaches the rules.

New RNS: we received notice from @Nasdaq as our ADSs have closed below $1 for 30 trading days

We have 180 days to cure this deficiency

No impact to our operations or LSE listing, and no impact to our ongoing negotiations

Full RNS: https://t.co/Au3txnlkHL
#ARB $ARBK #BTC

— Argo (@ArgoBlockchain) December 16, 2022

Earlier Nasdaq issued a similar warning to Bitfarms.

On December 12 the London Stock Exchange halted trading in Argo’s shares. The community linked this to expectations of a bankruptcy filing.

Argo explained that the bankruptcy filing that leaked online was erroneous. The company also said it is seeking external financing.

At the end of October the firm acknowledged that it had not managed to complete the £24 million share-sale.

As of December 21 one of North America’s largest miners Core Scientific filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.

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