Bitcoin miner Argo Blockchain announced on December 27 that it had requested a halt to trading of its shares as it is due to make an announcement on Wednesday December 28, 2022. On Dec. 12, a Bitcoin miner “advanced negotiations with a third party to sell certain assets” in order to “strengthen its balance sheet and improve liquidity.”
Argo Blockchain has requested a moratorium on stock trading pending an official announcement
On Tuesday, December 27, 2022, listed bitcoin miner Argo Blockchain (Nasdaq: ARBK) announced that it has also requested a suspension of trading in its shares through the Nasdaq and the London Stock Exchange.
Argo detailed that it believes trading will resume after the company made an important announcement on December 28. [the] We will start trading on Wednesday. ”
Argo is one of many Bitcoin mining businesses that have been hit hard financially by the crypto winter. In the first week of November 2022, Argo’s shares were downgraded by analysts at financial institutions Canaccord Genuity and Jefferies.
Another publicly traded bitcoin mining competitor, Core Scientific, filed for Chapter 11 bankruptcy protection last week, and Compute North will file for Chapter 11 bankruptcy protection in late September 2022. did. statistics show Publicly traded mining companies collectively have more than $4 billion in debt.
In addition, algo accidentally published Documents showing that you have voluntarily applied for protection under Chapter 11 of the Bankruptcy Code. However, documents dated December 12, 2022 show that the miner is “in preliminary negotiations with a third party to sell certain assets.”
The company added that Argo “expects to be able to complete the transaction without filing for voluntary Chapter 11 bankruptcy filing in the U.S., but the company will be able to avoid such a filing.” There are no guarantees,” he said.
What are your thoughts on Argo Blockchain suspending trading for its announcement on Wednesday? Let us know your thoughts on the matter in the comments section below.
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