Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Bitcoin miner Argo Blockchain announced that it requested the suspension of trading its institution shares connected Dec. 27, arsenic the institution expects to marque an announcement connected Wednesday, Dec. 28, 2022. The company’s banal has mislaid 96.34% year-to-date and connected Dec. 12, the bitcoin miner “advanced negotiations with a 3rd enactment to merchantability definite assets” successful bid to “strengthen its equilibrium expanse and amended its liquidity.”

Argo Blockchain Requested a Suspension of Stock Trading Pending an Official Announcement

On Tuesday, Dec. 27, 2022, the publicly-listed bitcoin miner Argo Blockchain (Nasdaq: ARBK) announced that it has requested the suspension of trading its shares via Nasdaq and the London Stock Exchange arsenic well.

Argo elaborate that it believes trading volition resume aft the institution makes an important announcement connected Dec. 28. Argo disclosed that the announcement is “expected to beryllium released earlier [the] opening of trading connected Wednesday.”

Argo is 1 of galore bitcoin mining operations that has suffered a large woody financially from the crypto winter. During the archetypal week of Nov. 2022, Argo’s banal was downgraded by the fiscal instauration Canaccord Genuity and Jefferies analysts.

Another publicly-listed bitcoin mining rival Core Scientific filed for Chapter 11 bankruptcy extortion past week, and successful precocious Sept. 2022, Compute North filed for Chapter 11 bankruptcy protection. Stats show that publically traded mining firms collectively person debts of much than $4 billion.

Furthermore, Argo accidentally published documentation that said it was voluntarily filing for Chapter 11 bankruptcy protection. However, documents from Dec. 12, 2022, bespeak the miner is successful “advanced negotiations with a 3rd enactment to merchantability definite assets.”

The institution further said Argo “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 institution tin debar specified a filing.”

What bash you deliberation astir Argo Blockchain suspending trading successful bid to marque an announcement connected Wednesday? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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