By Michael Scott
London-based Argo Blockchain regained compliance, as revealed in a January 23 filing to the Securities and Exchange Commission (SEC). The compliance allowed its stock to trade on the NASDAQ. The resumption of trading rights marked a critical achievement for the troubled Bitcoin miner following the December 16 warning by NASDAQ.
Argo Regains NASDAQ Trading
The ARBK remained suspended since mid-December Argo failed to sustain the share price above $1 for a ten-day period. Argo disclosed to SEC satisfying the Nasdaq directive to sustain the closing bid price above the mandatory minimum of $1 on January 13.
Attempts to seek clarification from Argo Blockchain went unanswered at the time of writing. Nevertheless, the resumption of trade at the Nasdaq marked a timely recovery following the miner’s struggle in 2022. The BTC miner has a long journey towards retracing its September 2021 when its share traded at $15. By then, the firm realized $112 million at its Nasdaq debut.
Argo Struggles in 2022
Although a shorter period was taken by Argo to satisfy the Nasdaq requirements, the tide that hard-pressed miners in 2022 is yet to settle. Since mid-2022, various BTC miners have sold their holdings on staying afloat. Similarly, Argo’s share price shrank by 40% in October, forcing the miner to abandon raising $27 million.
Argo’s presser revealed that the miner considered raising fresh capital unviable through stock issuance. Argo stated devoting efforts elsewhere to source alternative financing opportunities.
LSE Mulls Suspending Argo
Argo closed the year 2022 with a series of warnings from the two primary markets where it has listed its shares. Besides the Nasdaq complaint, the London Stock Exchange watchdog issued similar warnings to
suspend the mining firm over non-compliance. The Financial Conduct Authority indicated on December 9 that it would suspend Argo shares from trading in three days.
Argo announced that Galaxy Digital was acquiring the firm’s Helios mining site in Texas for $65 million. The deal involved Galaxy advancing a $35 million bailout secured via the mining rigs, among them Bitmain s19J Pros that constituted a part of the equipment hosted within the Helios facility.
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