Argo Blockchain’s stock, ARBK, has resumed trading on the Nasdaq, the company announced Monday morning in a filing with the Securities and Exchange Commission.
On Dec. 16, the Nasdaq first warned that trading had to be halted after Argo’s stock failed to sustain a closing price above $1 for 30 straight days.
“To restore compliance, the company was required to maintain a minimum closing price of $1.00 for 10 consecutive days,” the company wrote in its SEC filing. “This requirement was met by him on January 13, 2023.”
Argo Blockchain declined to comment beyond what was included in the filing.
Argo and Cryptobear
That’s rare good news for Argo after a slump for most of the last year.
After Argo raised $112 million in its initial public offering, the company’s shares began trading at $15 on the Nasdaq in September 2021.
In June and July of last year, Argo Blockchain was one of a handful of Bitcoin miners forced to sell more than they mined in a month just to survive. By October, the company’s stock price had plummeted by 40% and he abandoned plans to raise $27 million.
“The company no longer believes this subscription will be completed under the terms previously announced,” the company said in a press release. “Argo continues to explore other funding opportunities. I have.”
By December 2022, after a rampant year in the cryptocurrency market, the London-based bitcoin mining company has stopped trading its shares on the Nasdaq. A few days ago, the London Stock Exchange’s Financial Conduct Authority issued a similar warning, saying on 9 December that it would temporarily suspend trading in the company’s shares from 12 December.
Later that month, Argo sold its Helios mining facility in Texas to Galaxy Digital for $65 million. As part of the deal, Argo borrowed his $35 million from Galaxy and secured the loan on mining rigs including the Bitmain s19J Pro running at the Helios facility at the time.
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