Argo Blockchain Resumes Trading on Nasdaq After Raising $112 Million in IPO and Selling Mining Facility

1: argo blockchain’s stock, arbk, has resumed trading on nasdaq after it had been warned by nasdaq that it would have to suspend trading due to its stock not maintaining a closing price above $1 for 30 consecutive days. argo blockchain had raised $112 million in an initial public offering and had been forced to sell more than it mined in a month in a bid to stay afloat, leading to its share price plunging by 40%.

2: argo blockchain suspended trading of its shares on nasdaq in december 2022 and the london stock exchange’s financial conduct authority issued a warning on december 9 that it would temporarily suspend trading of the company’s shares starting on december 12. argo blockchain’s shares began trading at $15 on nasdaq in september 2021.

3: to regain compliance, the company was required to maintain a minimum closing bid price of $1.00 for ten consecutive trading days. argo sold its helios mining facility in texas to galaxy digital for $65 million, with argo borrowing $35 million from galaxy and securing the loan with its mining rigs. the company is continuing to explore other financing opportunities, but no longer believes that the subscription will be consummated under the previously announced terms.

By Evey Lovelace

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