Blockchain bitcoin mining firm Argo has suspended listing of its American Depositary Shares (ADS) on the NASDAQ, according to a Dec. 27 press release. The company says it needed to suspend trading because of an announcement coming on Wednesday morning and because the London Stock Exchange is closed on Tuesday. Argo says it expects the shares to resume trading on the NASDAQ on Wednesday.
At our request, @Nasdaq temporarily suspended trading of Argo’s ADSs and unsecured notes for today – Tuesday Dec 27.
We’ll be making an announcement tomorrow (Dec 28) via RNS before the @LSEplc opens in the UK…we expect trading on Nasdaq to resume tomorrow.#ARB $ARBK #BTC
— Argo (@ArgoBlockchain) December 27, 2022
The statement comes after the company has been plagued by financial problems and faced with rumors of bankruptcy due to rising energy costs and falling Bitcoin prices.
On December 9, Argo inadvertently shared a document with a reporter that falsely stated that it had filed for bankruptcy. In response, the London Stock Exchange and Nasdaq suspended trading of their shares. The team responded by requesting that its shares be relisted, since it had not actually filed for bankruptcy.
At the time, the company admitted that “was at risk of not having enough cash available to support ongoing business operations in the coming month.” However, it stated that it was still trying to avoid Chapter 11 bankruptcy.
On December 16, the company announced that it faced to further negative attention from the NASDAQ. Its shares had traded below $1 for 30 consecutive days. If the company failed to get its share price to close above $1 in the next 180 days, it would be delisted from the NASDAQ.
New RNS: we received notice from @Nasdaq as our ADSs have closed below $1 for 30 trading days
We have 180 days to cure this deficiency
No impact to our operations or LSE listing, and no impact to our ongoing negotiations
Full RNS: https://t.co/Au3txnlkHL
#ARB $ARBK #BTC— Argo (@ArgoBlockchain) December 16, 2022
This new suspension of trading on December 27 was not initiated by the exchange. Instead, Argo voluntarily requested that trading in its shares be halted. An announcement from the team is expected on December 28, before the 8am UTC open of the London Stock Exchange.
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