1 year ago
The mining institution has faced fiscal problems owed to escalating vigor costs and the falling terms of Bitcoin.
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Bitcoin mining steadfast Argo blockchain has suspended trading of its American depositary shares (ADS) connected NASDAQ, according to a Dec. 27 property release. The institution says that it needed to suspend trading due to the fact that of an announcement that volition travel connected Wednesday greeting and due to the fact that the London Stock Exchange is closed connected Tuesday. Argo says that it expects shares to resume NASDAQ trading connected Wednesday.
At our request, @Nasdaq temporarily suspended trading of Argo’s ADSs and unsecured notes for contiguous - Tues Dec 27.
We’ll beryllium making an announcement time (Dec 28) via RNS earlier the @LSEplc opens successful the UK…we expect trading connected Nasdaq to resume tomorrow.#ARB $ARBK #BTC
The connection comes aft the institution has been plagued with fiscal problems and faced bankruptcy rumors owed to rising vigor costs and falling Bitcoin prices.
On Dec. 9, Argo inadvertently shared a papers with a newsman that falsely declared it to person filed for bankruptcy. In response, the London Stock Exchange and Nasdaq suspended trading of its shares. The squad responded by requesting that its shares resume trading, since it had not really filed for bankruptcy.
At the time, the institution admitted that it was “at hazard of having insufficient currency to enactment ongoing concern operations wrong the adjacent month.” However, it stated that it was inactive trying to debar Chapter 11 bankruptcy.
On Dec. 16, the steadfast announced that it was facing further antagonistic attraction from NASDAQ. Its shares had traded beneath $1 for 30 consecutive days. If the institution did not get its stock terms to adjacent supra $1 wrong the adjacent 180 days, it would beryllium delisted from NASDAQ.
New RNS: we received announcement from @Nasdaq arsenic our ADSs person closed beneath $1 for 30 trading days
We person 180 days to cure this deficiency
No interaction to our operations oregon LSE listing, and nary interaction to our ongoing negotiations
Full RNS: https://t.co/Au3txnlkHL
#ARB $ARBK #BTC
This caller suspension of trading connected Dec. 27 was not initiated by the banal exchange. Instead, Argo voluntarily requested that trading of its shares beryllium halted. An announcement is expected from the squad connected Dec. 28, anterior to the 8 a.m. UTC opening of the London Stock Exchange.
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