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Bitcoin mining steadfast Argo regained compliance with Nasdaq's listing rule, which requires a institution to support its communal stock's minimum bid terms of $1 for 30 consecutive trading days.
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Amid bullish enactment connected cryptocurrency markets, Bitcoin (BTC) mining steadfast Argo Blockchain has regained banal listing compliance with Nasdaq.
Argo officially announced connected Jan. 23 that the institution regained compliance with Nasdaq’s minimum bid terms regularisation amid the stock terms recovery.
The Nasdaq banal marketplace listing qualifications section has informed Argo that it successfully met a request to support a minimum closing bid terms of $1 for 10 consecutive trading days. This request was met connected Jan. 13, with Nasdaq confirming that it considers the substance closed.
The announcement comes astir a period aft Nasdaq notified Argo connected Dec. 16 that the steadfast wasn’t compliant with Nasdaq's minimum bid terms requirement. The contented was owed to Argo’s communal banal failing to support the minimum bid terms of $1 implicit the erstwhile 30 consecutive concern days, arsenic required by Nasdaq’s listing rules.
Moreover, fiscal problems amid escalating vigor costs and the falling Bitcoin (BTC) prices had forced the mining institution to suspend trading connected Nasdaq momentarily.
Argo’s American depositary shares (ADS) started trading connected the Nasdaq Global Select Market nether the ticker awesome ARBK successful September 2021. Debuting astatine a terms of $15, ARBK shares person been gradually selling off, yet tumbling beneath $1 successful October 2022.
Related: Argo Blockchain sells apical mining installation to Galaxy Digital for $65M
ARBK shares started recovering subsequently aft Nasdaq warned the steadfast astir becoming noncompliant successful December. According to information from TradingView, Argo’s banal concisely reached $1 connected Dec. 30 but failed to support the price. After retesting $1 connected Jan. 3, ARBK banal has continued to beryllium trading supra the terms level. On Jan. 20, the banal closed astatine $1.73.
ARBK’s 30-day terms chart. Source: TradingViewArgo is not the lone publicly-listed Bitcoin mining steadfast that has been struggling to support its stock prices supra $1. On Dec. 15, the Canadian Bitcoin mining institution Bitfarms received a akin warning from Nasdaq implicit its Bitfarms shares (BITF).
Unlike ARBK, Bitfarms’ shares person not recorded capable maturation to comply with Nasdaq’s listing rules yet. After breaking supra $1 connected Jan. 12, BITF tumbled beneath the threshold again connected Jan. 18. According to Nasdaq's requirements, Bitfarms has to person its shares trading supra $1 for astatine slightest 10 days earlier June 12, 2023.
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