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Bitcoin miner Argo Blockchain announced that it requested a suspension of trading in the company’s shares on December 27, as the company expects to make an announcement on Wednesday, December 28, 2022. The company’s shares have lost 96.34% year-to-date and December 12 « the bitcoin miner advanced negotiations with a third party to sell certain assets” to “strengthen its balance sheet and improve liquidity”.
On Tuesday, December 27, 2022, publicly traded bitcoin miner Argo Blockchain (Nasdaq: ARBK) announced that it has requested the suspension of trading of its shares also via Nasdaq and the London Stock Exchange.
Argo detailed that it believes trading will resume after the company makes an important announcement on December 28. Argo revealed that the announcement “is expected to be released sooner [the] opening of trading on Wednesday.”
Argo is one of many bitcoin mining operations that have suffered greatly financially from the crypto winter. During the first week of November 2022, Argo’s stock was downgraded by financial institution Canaccord Genuity and Jefferies analysts.
Another publicly traded bitcoin mining competitor Core Scientific filed for Chapter 11 bankruptcy protection last week, and in late September 2022 Compute North filed for Chapter 11 bankruptcy protection. Statistics show that listed mining companies have a combined debt of more than 4 billion dollars.
Also, Argo accidentally published documentation that said it voluntarily filed for Chapter 11 bankruptcy protection. However, documents from December 12, 2022 indicate that the miner is in “advanced negotiations with a third party to sell certain assets.”
The company further said that Argo “is hopeful that it will be able to complete the transaction outside of a voluntary Chapter 11 bankruptcy filing in the United States, although there is no guarantee that the company can avoid such a filing.”
What do you think about Argo Blockchain halting trading to make an announcement on Wednesday? Let us know what you think about this topic in the comments section below.
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