Connect with us

Argo Blockchain PLC

Argo Blockchain’s shares rise by this number as it regains Nasdaq listing

Published

on

Argo Blockchain’s shares rise by this number as it regains Nasdaq listing

  • The shares of U.K.-based Bitcoin mining company Argo Blockchain rose as the company gained listing compliance with Nasdaq.
  • Since its 0.38 low on December 16, the miner’s stock has rose by 400% to $2.03.

The shares of Bitcoin [BTC] mining company Argo Blockchain rose as much as 18% on 23 January after the company regained listing compliance with Nasdaq. The development came on the heels of a December 2022 agreement with Galaxy Digital to avoid bankruptcy, which was accompanied by a rise in BTC.

On 13 January, the United Kingdom-based company announced that it had met the requirement to continue listing its shares on Nasdaq after bids for its shares remained above $1 for 10 consecutive days.

What went wrong with Argo Blockchain?

In December, Nasdaq notified Argo that its shares did not comply with exchange rules because closing bid prices for its stock were below $1 for 30 consecutive days. Nasdaq gave Argo a deadline of 12 June to reclaim its listing privileges, else it risked being delisted from the exchange.

The miner’s shares had become a penny stock in the latter half of last year, with its share price dropping as low as $0.38 on 16 December following the crypto winter. Argo, among other crypto companies, was on the verge of declaring bankruptcy because of rising energy costs and a sharp drop in BTC prices.

The mining enterprise avoided bankruptcy last month when it agreed to sell its Helios mining facility in Texas to the crypto-based financial services firm Galaxy Digital for $65 million and a $35 million loan.

Advertisement

The transaction assisted Argo in bolstering its balance sheet and avoiding bankruptcy after it found itself in a precarious situation when a deal for $27 million in funding fell through in October last year.

Evidently, Argo Blockchain could benefit from the lower debt load after its previously disclosed equity raise with a strategic partner fell through. The firm could have more money to buy additional miners and increase hash rate faster with less capital expense dedicated to mining facility development.

Since its low ($0.38) on 16 December last year, the miner’s stock has rose by over 400% to $2.03.

Advertisement

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Argo Blockchain PLC

Bitcoin [BTC] miner to face class action lawsuit… Details inside

Published

on

Bitcoin [BTC] miner to face class action lawsuit… Details inside

  • Argo Blockchain is facing a class action lawsuit filed by its investors. 
  • The lawsuit accuses the firm of misleading investors and misrepresenting facts. 

Bitcoin [BTC] miner Argo Blockchain will be the subject of a class action lawsuit filed by its investors. The London-based mining firm has been accused of misleading its investors during its initial public offering (IPO) in 2021. 

Argo’s CEO, other executives named in the lawsuit

According to a recent filing in the United States District Court for the Eastern District of New York, Argo Blockchain’s CEO along with other executives and board members have been named in the lawsuit. The investors have accused the Bitcoin miner of making misleading statements. 

Furthermore, the investors have claimed that Argo failed to disclose several important facts pertaining to its operations during the IPO. This includes capital constraints, electricity and other expenses, and network difficulties.

According to the filing, these factors hampered the company’s ability to carry out Bitcoin mining operations, meet its obligations, and execute its business strategy. 

Bitcoin miners’ response

Argo Blockchain’s investors have argued that these issues made the company’s offering documents false and/or misleading. According to them, the company overstated its business and financial prospects and the business was less sustainable than they were led to believe. 

Advertisement

The filing read:

“The Offering Documents represented that Argo’s mining strategy purportedly involves ‘cost-effectively acquir[ing] the latest generation mining machines and install[ing] them in North American facilities that utilize predominantly…inexpensive power.” 

News of the lawsuit comes barely a month after Argo struck a deal with Mike Novogratz’s Galaxy Digital, which involved a $35 million loan and the acquisition of Helios for $65 million. This deal helped the company avoid bankruptcy.

The Bitcoin miner’s share price fell by 7% over the past 24 hours. Data from the London Stock Exchange’s website shows that the stock is currently trading at $15.25.

Advertisement

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Continue Reading

Top posts

Arbitrum-Based Vest Exchange Emerges, Aims To Democratize Perpetual Futures  Arbitrum-Based Vest Exchange Emerges, Aims To Democratize Perpetual Futures 
$1.25 billion6 hours ago

Arbitrum-Based Vest Exchange Emerges, Aims To Democratize Perpetual Futures 

A new decentralized exchange (dex) on Arbitrum, called Vest Exchange, was announced this past weekend, and the team that created...

Best Options this Week Best Options this Week
Uncategorized8 hours ago

Best Options this Week

Looking for the best options this week? The government and the Federal Reserve have created plenty of volatility for options...

Litecoin breaks above its realized price after almost a year Litecoin breaks above its realized price after almost a year
litecoin8 hours ago

Litecoin breaks above its realized price after almost a year

Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...

SBF tried to meet FTX replacement CEO John Ray SBF tried to meet FTX replacement CEO John Ray
Bankruptcy8 hours ago

SBF tried to meet FTX replacement CEO John Ray

SBF tried to meet FTX replacement CEO John Ray Mike Dalton · 4 seconds ago · 2 min read Sam...

Bitcoin liquidations in last 24 hours top $160M Bitcoin liquidations in last 24 hours top $160M
Analysis9 hours ago

Bitcoin liquidations in last 24 hours top $160M

Bitcoin liquidations in last 24 hours top $160M Zeynep Geylan · 25 mins ago · 1 min read Data shows...

Polkadot [DOT] dropped to a key support zone; can bulls prevail? Polkadot [DOT] dropped to a key support zone; can bulls prevail?
altcoin9 hours ago

Polkadot [DOT] dropped to a key support zone; can bulls prevail?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

BlockFi permitted to auction mining equipment BlockFi permitted to auction mining equipment
Bankruptcy10 hours ago

BlockFi permitted to auction mining equipment

BlockFi permitted to auction mining equipment Mike Dalton · 2 hours ago · 1 min read Courts have determined that...

Why Solana’s [SOL] recent gains might be undercut by this metric’s findings Why Solana’s [SOL] recent gains might be undercut by this metric’s findings
altcoin10 hours ago

Why Solana’s [SOL] recent gains might be undercut by this metric’s findings

‘Overvalued’ Solana’s indicators seemed to indicate the arrival of market bears  On the contrary, SOL’s demand across the derivatives market...

Twitter moving ahead with payment processing service; crypto integration may come later Twitter moving ahead with payment processing service; crypto integration may come later
Technology10 hours ago

Twitter moving ahead with payment processing service; crypto integration may come later

Twitter moving ahead with payment processing service; crypto integration may come later Dorian Batycka · 42 mins ago · 1...

Stablecoin withdrawals from exchanges reach $800M on Jan. 30 Stablecoin withdrawals from exchanges reach $800M on Jan. 30
Stablecoin11 hours ago

Stablecoin withdrawals from exchanges reach $800M on Jan. 30

Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...

Bitcoin Rise In First Month Of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ To ‘Greed’ Bitcoin Rise In First Month Of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ To ‘Greed’
24 hours12 hours ago

Bitcoin Rise In First Month Of 2023 Moves Crypto Fear Index From ‘Extreme Fear’ To ‘Greed’

Last month, statistics showed that the Crypto Fear and Greed Index (CFGI) had a score of 25, indicating “extreme fear.”...

Unbanked And Mastercard Team Up To Accelerate Crypto Card Adoption Within Web3 Organizations In Europe Unbanked And Mastercard Team Up To Accelerate Crypto Card Adoption Within Web3 Organizations In Europe
litecoin13 hours ago

Unbanked And Mastercard Team Up To Accelerate Crypto Card Adoption Within Web3 Organizations In Europe

press release PRESS RELEASE. Today it was announced that Unbanked, the leading provider of white-label crypto card issuance and program...

Twitter: Elon Musk reportedly plans to build crypto functionality to payments service Twitter: Elon Musk reportedly plans to build crypto functionality to payments service
altcoin13 hours ago

Twitter: Elon Musk reportedly plans to build crypto functionality to payments service

Elon Musk’s Twitter plans on bringing payment services that could add support to crypto Dogecoin registered a rise in its...

Top 10 Data Science Programming Languages You Should Know In 2023 Top 10 Data Science Programming Languages You Should Know In 2023
Data Science13 hours ago

Top 10 Data Science Programming Languages You Should Know In 2023

The Top 10 data science programming languages you should know in 2023 Data science has become an increasingly popular field...

ChatGPT For Writing Marketing Emails ChatGPT For Writing Marketing Emails
ChatGPT13 hours ago

ChatGPT For Writing Marketing Emails

ChatGPT for writing marketing emails is one of the biggest benefits of email marketing it assists businesses to increase user...

Crypto Market Turns Red – Here Are The Key Events To Watch This Week Crypto Market Turns Red – Here Are The Key Events To Watch This Week
Bitcoin Price13 hours ago

Crypto Market Turns Red – Here Are The Key Events To Watch This Week

The crypto market started the year on a positive note where most of the cryptocurrencies doubled their value. Since the...

Biggest Movers: MATIC Retreats From 12-Week High On Monday Biggest Movers: MATIC Retreats From 12-Week High On Monday
Analysis14 hours ago

Biggest Movers: MATIC Retreats From 12-Week High On Monday

Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also...

What Is WEB3? What All You Need To Know About WEB3 Technology? What Is WEB3? What All You Need To Know About WEB3 Technology?
Latest News14 hours ago

What Is WEB3? What All You Need To Know About WEB3 Technology?

What is web3? What do you need to know about web3 technology? Its features and layers Web 3 or Web...

Trending