- Crypto mining Argo Blockchain returns to listing on Nasdaq after the minimum bid for its share exceeded $1 for the past 10 consecutive days.
- In September 2021, Argo Blockchain went public under the ticker code ARBK, and after a strong crypto winter its shares were paused on the stock market because the closing offer prices of its shares were below a dollar 30 days in a row.
There is no doubt that 2022 was a difficult year for the entire crypto ecosystem. Several projects collapsed, bankrupting various companies and one of the sectors that was most affected was cryptomining.
The increase in production costs and the fall in the price of cryptocurrencies led to companies such as Compute North and Core Scientific filing for bankruptcy and others seeking to restructure to survive and remain active in the market. One of these companies was Argo Blockchain That after sell its Helios facility at Galaxy Digital, appears to be recovering from impending bankruptcy.
One of these traits that give new signs of healthy life for the company is its return to trading on the Nasdaq stock exchange, the company announced.
Argo returns to the stock market
In September 2021, Argo Blockchain was listed on the stock exchange under the code ARBK, starting with a valuation of $16.9 dollars per share, and its highest valuation was reached in November of the same year when it was listed at $20.63 dollars per share. However, at the end of 2021, when the ecosystem began to enter the crypto winter, the price of the shares also began to decline, causing in October 2022 Argo’s shares will fall below the dollar.
This condition caused Argo’s shares to stop trading on the stock market, nThe news that was made known when on December 16, Nasdaq notified Argo that its shares did not comply with the rules to be listed on the stock market, after 30 consecutive days in which its shares are the closing offer prices of its shares were below one dollar.
The crypto miner had until June 12 to be able to return to Nasdaq before being delisted, but the company’s shares managed to recover much earlier since The miner’s shares have risen more than 400% since their December 16 low when they traded at $0.36 dollars, currently reaching $1.94 dollars and staying above one dollar for 10 consecutive days.
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