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According to the mining firm, “inadvertently published materials” led to the suspension of trading of Argo Blockchain connected the London Stock Exchange and Nasdaq connected Dec. 9.
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Crypto mining steadfast Argo Blockchain has reported it had been negotiating to merchantability assets and “engage successful an instrumentality financing transaction” successful an effort to debar filing for bankruptcy.
In a Dec. 12 announcement, Argo Blockchain said it was astatine hazard of having insufficient funds to proceed operating wrong a month, and was successful the mediate of “advanced negotiations” to merchantability definite assets. Though the mining steadfast said it had not filed for Chapter 11 bankruptcy successful the United States, “inadvertently published materials” related to the company’s fiscal concern led to the suspension of trading connected the London Stock Exchange, oregon LSE, and Nasdaq connected Dec. 9.
Argo reported it had resumed trading connected the London Stock Exchange arsenic of Dec. 12, but determination was nary information recorded with the LSE astatine the clip of publication. Shares of the mining steadfast closed astatine $0.69 connected the Nasdaq connected Dec. 8, and 6.70 pounds connected the LSE.
“The Company is hopeful that it volition beryllium capable to consummate the transaction extracurricular of a voluntary Chapter 11 bankruptcy filing successful the United States, though determination is nary assurance that the Company tin debar specified a filing,” said Argo. “The Company has requested that the UK Financial Conduct Authority reconstruct the listing of its mean shares and that is expected to hap arsenic soon arsenic practicable.”
New RNS conscionable retired with an update connected the restoration of trading connected the LSE:https://t.co/6vH9PX8SET#ARB $ARBK #BTC pic.twitter.com/Oqu7oZ9sSH
— Argo (@ArgoBlockchain) December 12, 2022The mining steadfast reported successful October that it was astatine hazard of becoming currency travel antagonistic “in the adjacent term” should it neglect to rise needed superior to proceed operations. Amid the carnivore market, Argo reported selling some of its mined Bitcoin (BTC) holdings to wage down a indebtedness from Galaxy Digital, from which it secured crypto-backed indebtedness agreements successful 2021.
As of Nov. 30, Argo reported holding 126 BTC and Bitcoin equivalents. The terms of the cryptocurrency was $17,033 astatine the clip of publication.
Should Argo record for Chapter 11, it would beryllium the latest successful a drawstring of crypto firms reporting fiscal difficulties amid a carnivore market. Many planetary regulators and lawmakers person pointed to the illness of Terraform Labs, Celsius Network, Voyager Digital, BlockFi, and astir precocious FTX successful criticisms of the crypto market.
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