Bitcoin miner Argo Blockchain will launch in 2022 We will be trading our stock on December 27th, as we plan to announce on Wednesday December 28th. Selling certain assets to third parties to “strengthen our balance sheet and improve liquidity.”
Argo Blockchain has requested a moratorium on stock trading pending an official announcement
Listed Bitcoin miner Argo Blockchain (Nasdaq: ARBK) announced that it has also requested a suspension of trading of 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 his December 28th.
Argo is one of many Bitcoin mining operations 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 bankruptcy at the end of September 2022. A Section 11 application has been filed. According to statistics, publicly traded mining companies collectively have more than $4 billion in debt.
In addition, Argo erroneously released documents stating that it was voluntarily filing for Chapter 11 bankruptcy protection. However, a document of December 12, 2022 indicates that the miner is “in preliminary negotiations with a third party to sell certain assets.”
The company further added that Argo “expects to be able to complete the transaction outside of a voluntary Chapter 11 bankruptcy filing in the United States, but has no assurance that the company will be able to avoid such a filing.”
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