Argo CEO follows resignation trend after company acquisition by Galaxy Digital

The cryptocurrency miner Argo continues to acquisition a bid of institution changes successful airy of its large acquisition and recently filed lawsuit. 

Peter Wall, the CEO of Argo Blockchain, announced his resignation from his enforcement presumption astatine the institution connected Feb. 9. 

According to the announcement, Wall volition stay an advisor to Argo passim the adjacent 3 months successful enactment of the modulation retired of the position. He besides commented that helium was “pleased” to person spearheaded the caller Galaxy Digital acquisition deal.

In the aforesaid announcement, the institution besides revealed the resignation of Argo committee subordinate Sarah Gow. This improvement is owed to wellness reasons.

However, conscionable 1 week anterior to these institution changes, Argo mislaid its main fiscal serviceman Alex Appleton successful yet different resignation.

That announcement was made connected Feb. 1 and said Appleton resigned to "pursue different opportunities," according to a filing with the London Stock Exchange. This coincided with the finalization of the merchantability of the Helios installation to Galaxy Digital Holdings Ltd.

Appleton had been with the institution successful his enforcement relation since September 2020.

Related: Bitcoin mining gross jumps up 50% to $23M successful 1 month

This is the latest improvement successful a saga of changes for the Argo Blockchain company, which began backmost successful precocious December when it reported insufficient funds and small assurance of avoiding the request to record for Chapter 11 bankruptcy.

A fewer weeks aft this announcement, the institution revealed that it sold its apical Helios mining facility to the planetary crypto-focused fiscal services steadfast Galaxy Digital for $65 million. This helped Argo trim its full indebtedness by $41 million.

The acquisition was a origin that helped Argo regain compliance with the Nasdaq minimum bid terms rule. This entails maintaining the stock’s minimum bid terms of $1 for 30 consecutive trading days.

However, a suit filed connected Jan. 26 targeted Argo and respective executives and committee members astatine the institution for failing to disclose cardinal accusation to investors.

The lawsuit claims the institution failed to disclose its susceptibility towards superior constraints, energy costs and web difficulties.