- Shares of UK-based bitcoin mining firm Argo Blockchain rose after the company achieved listing compliance on the Nasdaq.
- From a December 16th low of 0.38, the miner’s stock has surged 400% to $2.03.
bitcoin share [BTC] Mining firm Argo Blockchain surged 18% on Jan. 23 after the company regained listing compliance with the Nasdaq. The development comes on the heels of an agreement to avoid bankruptcy with Galaxy Digital in December 2022, which was accompanied by a rise in his BTC.
On January 13, the UK-based company announced that it had met the requirements to keep its shares listed on the Nasdaq after bid prices for its shares were above $1 for 10 consecutive days.
What went wrong with Argo Blockchain?
In December, the Nasdaq notified Argo that the stock did not comply with exchange rate rules after the closing bid price for the company’s shares fell below $1 for 30 consecutive days.Nasdaq notified Argo on June 12 It risked being delisted from the exchanges if it did not give a deadline and regain its listing privileges.
Miner stocks became penny stocks late last year, and shares fell to $0.38 on Dec. 16 following a crypto winter. Argo, among other cryptocurrency companies, was on the verge of declaring bankruptcy due to rising energy costs and a plunging Bitcoin price.
The mining company avoided bankruptcy last month by agreeing to sell its Helios mining facility in Texas to cryptocurrency-based financial services firm Galaxy Digital for $65 million and $35 million in loans.
The deal helped Argo shore up its balance sheet and avoid bankruptcy after a precarious $27 million financing deal fell through last October.
Clearly, Argo Blockchain could benefit from a reduced debt burden after a previously disclosed equity raise with a strategic partner failed. The company will be able to have less capital expenditures spent on developing mining facilities to buy additional miners and get more money to increase hashrate faster.
Since its December 16th low ($0.38), Miner’s share price has risen more than 400% to $2.03.