The British mining company Argo Blockchain has met Nasdaq’s listing criterion — its shares will continue to trade on the exchange. This is stated in a press release.
In December, the exchange warned the firm of a potential delisting — for 30 days its securities traded below $1, in violation of the rules. Later Argo Blockchain requested to suspend trading.
“To restore compliance with the criterion, the company was obliged to maintain the minimum closing bid price at $1 for ten consecutive trading days. This requirement was met on 13 January 2023. Accordingly, the company restored compliance with Listing Rule 5450(a)(1), and Nasdaq confirmed that it considers this matter closed,” the statement said.
Argo Blockchain filed an application to list American Depositary Receipts on Nasdaq for its shares in August 2021. Trading of the instrument under the ticker ARBK began a month later.
In late October 2022, the firm disclosed that it had failed to complete a deal to sell shares worth £24 million.
In December, the London and New York Stock Exchanges announced the cessation of dealings in Argo Blockchain’s securities without providing reasons.
In the same month, the company decided to sell Galaxy Digital’s flagship data centre in Texas for $65 million.
For December, Argo Blockchain mined 147 BTC, after 198 BTC in November. Production declined by 25.75%.
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