- 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.
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.
Other mining companies have also faced trouble, with Core Scientific filing for bankruptcy after a similar October warning.
On the Flipside
- Although crypto miners have faced recent issues, Bitmain’s latest Antminer faced no troubles quickly selling out.
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.
Read more about recent issues for miners:
Seventh-Largest Bitcoin Mining Pool (NASDAQ:POOL) BTC.com Reports $3 Million Cyberattack