Argo Blockchain PLC Announces Nasdaq Notification

Argo receives Nasdaq notice regarding lack of minimum bid price

LONDON, UK / ACCESSWIRE / December 16, 2022 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), today announces that it has received written notification (“Notification Letter”) from the Nasdaq Stock Market LLC Listing Qualifications Department (“Nasdaq”). that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rule 5450(a)(1) since the closing bid price of the Company’s American Depositary Shares (“ADS”) listed on the Nasdaq Global Select Market was below $1.00 for 30 consecutive business days.

In accordance with Listing Rule 5810(c)(3)(A), the Company has until June 12, 2023 to regain compliance with the minimum bid price requirement, during which time the ADSs are expected to continue trading on Nasdaq Global Select. Market. If at any time before June 12, 2023 the bid price of the ADSs closes at or above USD 1.00 per share for a minimum of 10 consecutive business days, Nasdaq will give written notice that the company has achieved compliance with the minimum bid price requirement and will consider such deficiency cases concluded.

The warning letter does not affect the Company’s business operations, and it does not affect the Company’s listing on the London Stock Exchange. Furthermore, the notification letter does not affect the ongoing negotiations with a third party regarding an asset sale and equipment financing that was announced on December 12, 2022.

The Company intends to monitor the bid price of its ADSs between now and June 12, 2023, and to evaluate all available options to resolve the deficiency and regain compliance with Nasdaq Rule 5450(a)(1).

Inside information and forward-looking statements

This announcement contains inside information and includes forward-looking statements that reflect the current views, interpretations, beliefs or expectations of the Company or, as applicable, the Board of Directors with respect to the Company’s financial results, business strategy and management’s plans and objectives for future operations. These statements include forward-looking statements both with respect to the company and the sector and industry in which the company operates. Statements that include the words “remains confident”, “expects”, “intends”, “plans”, “believes”, “projects”, “anticipates”, “will”, “goals”, “goals”, “may” “would”, “could”, “continue”, “estimate”, “future”, “possibility”, “potential” or, in each case, their negative aspects, and similar statements of a future or forward-looking nature identify forward-looking statements . All forward-looking statements involve matters of risk and uncertainty because they relate to events that may or may not occur in the future, including the following risks, among others: the planned transaction may not be completed on the expected terms or at all; The company’s insufficient cash may require it to file for bankruptcy in the future; the company’s ability to comply with Nasdaq’s listing standards and remain listed on the Nasdaq Global Select Market; and in the event that the company is required to file for bankruptcy, the company may be unable to emerge from the bankruptcy as a going concern; and the company’s inability to secure sufficient additional financing to meet its operating needs. Forward-looking statements are not guarantees of future performance. Consequently, there are or will be important factors that may lead to the company’s actual results, prospects and results deviating significantly from those stated in these statements. In addition, even if the Company’s actual results, prospects and performance are consistent with the forward-looking statements contained in this document, these results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. Subject to any obligations under the Prospectus Regulation, the Market Abuse Regulation, the Listing Rules and the Disclosure and Transparency Rules, and except as required by the FCA, the London Stock Exchange, the City Code or applicable laws and regulations, the Company undertakes no public obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. For a more complete discussion of factors that could cause our actual results to differ from those described in this announcement, please refer to the filings that the Company files from time to time with the United States Securities and Exchange Commission and the United Kingdom Financial Conduct Authority, including the section entitled “Risk Factors” in the Company’s Registration Statement on Form F-1.

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About Argo:

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With its flagship mining facility in Texas, and offices in the US, Canada and the UK, Argo’s global, sustainable operations are powered primarily by renewable energy. In 2021, Argo became the first climate-positive cryptocurrency mining company, signing the Crypto Climate Accord. Argo also participates in several Web 3.0, DeFi and GameFi projects through its Argo Labs division, further contributing to its business operations, as well as the development of the cryptocurrency markets. For more information, visit www.argoblockchain.com.

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SOURCE: Argo Blockchain PLC

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