Argo Shareholder Reminder – Argo Blockchain (NASDAQ:ARBK), Argo Blockchain plc – 8.75% Senior Notes Due 2026 (NASDAQ:ARBKL)

Securities law partner James (Josh) Wilson encourages investors who suffered losses in excess of $100,000 in Argo to contact him directly to discuss their options

New York, New York–(Newsfile Corp. – March 26, 2023) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Argo Blockchain plc (“Argo” or the “Company”) ARBK ARBKL and reminds investors of the March 27, 2023 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the company.

If you suffered losses in excess of $100,000 by investing in Argo shares or options between (a) Argo American Depository Shares (“ADS”) pursuant to and/or traceable to the Offering Documents (defined below) issued in connection with the Company’s initial public offering offer made on or approx. 23 September 2021 (the “IPO” or the “Offer”); and/or (b) Argo Securities between September 23, 2021 and October 10, 2022, both dates inclusive (the “Class Period”). and want to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live on 877-247-4292 or 212-983-9330 (ext. 1310). You can also click here for more information: www.faruqilaw.com/ARBK.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and women-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

Argo, together with its subsidiaries, purports to engage in the worldwide cryptocurrency mining business, including the mining of Bitcoin or Bitcoin equivalents (collectively “BTC”).

Argo has a fleet of thousands of BTC miners at facilities in Canada and Dickens County, Texas. The company’s Texas facility is referred to as its “Helios” facility.

On August 19, 2021, Argo filed a registration statement on Form F-1 with the US Securities and Exchange Commission (“SEC”) in connection with the IPO, which, after several amendments, was declared effective by the SEC on September 22, 2021 (the “Registration Statement “).

On September 23, 2021, Argo filed a prospectus on Form 424B4 with the SEC in connection with the IPO, which incorporated and formed a part of the registration statement (the “Prospectus” and, together with the registration statement, the “offering documents”).

On or about September 23, 2021, pursuant to the Offering Documents, Argo completed the initial public offering, issuing 7.5 million ADSs to the public at the offering price of $15 per ADS for approximate proceeds of $105 million to the Company before expenses and after applicable underwriting discounts and commissions.

The complaint alleges that the Offer Documents were negligently prepared and as a result contained false statements of material facts or omitted to state other facts necessary to make the statements not misleading and were not prepared in accordance with the rules and regulations governing their preparation. . In addition, during the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, the Offer Documents and Defendants made false and/or misleading statements and/or failed to disclose that: (i) Argo was highly susceptible to and/or suffered from significant capital constraints, electricity and other costs, and network difficulties; (ii) the foregoing issues impeded, among other things, Argo’s ability to mine BTC, execute its business strategy, fulfill its obligations and operate the Helios facility; (iii) as a result, Argo’s business was less sustainable than the Defendants had led investors to believe; (iv) consequently, Argo’s business and financial prospects were overstated; and (v) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to disclose information required to be disclosed therein.

On June 7, 2022, Argo issued a press release with an operational update, revealing that they had mined approximately 25% fewer BTC in May 2022 compared to April 2022 due to, among other things, increased network difficulties, higher electricity prices, and curtailment of mining at Helios – the facility.

On this news, Argos’ ADS price fell $0.28 per ADS, or 4.4%, to close at $6.09 per ADS on June 7, 2022.

On October 7, 2022, Argo issued a press release “announcing[ing] several strategic actions intended to bring in additional capital to the business and ensure that the company has the working capital necessary to execute its current strategy and fulfill its obligations over the next twelve months.” Argo stated that in addition to measures being moved to reduce costs and preserve capital, the company had signed a non-binding letter of intent with a subsidiary of New York Digital Investment Group to amend an existing equipment finance agreement, plans to sell 3,400 mining machines for cash of £6m, and intends to raising approximately £24m via a proposed subscription with a strategic investor.

On this news, Argos’ ADS price fell $0.97 per ADS, or 23.26%, to close at $3.20 per ADS on October 7, 2022.

Then, on October 11, 2022, Argo issued a press release with an operational update, announcing that “[d]in the month of September Argo extracted 215 [BTC] compared to 235 BTC in August 2022” which was “mainly due to a 12% increase in average network difficulty during September.” Argo also stated that they “continue to limit operations at the Helios facility in Dickens County, Texas during periods of high periods. electricity prices” and replaced the company’s chief technology officer.

On this news, Argos’ ADS price fell $0.27 per ADS, or 10.98%, to close at $2.19 per ADS on October 11, 2022.

From the time the complaint was filed, Argos’ ADSs continued to trade below the $15 per ADS offer price, to the detriment of investors.

The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, which is sufficient and typical of class members conducting and overseeing the litigation on behalf of the putative class. Any member of the putative class may move the court to serve as the lead plaintiff through counsel of its choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Argo’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past performance does not guarantee or predict a similar outcome with respect to future matters. We would like the opportunity to discuss your particular case. All communications will be treated confidentially.

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