Argo blockchain suspends buying and selling on NASDAQ because of upcoming announcement

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Bitcoin mining agency Argo blockchain has suspended buying and selling of its American depositary shares (ADS) on NASDAQ, in accordance to a Dec. 27 press launch. The corporate says that it wanted to droop buying and selling due to an announcement that can come on Wednesday morning and since the London Inventory Trade is closed on Tuesday. Argo says that it expects shares to renew NASDAQ buying and selling on Wednesday.

The assertion comes after the corporate has been plagued with monetary issues and confronted chapter rumors because of rising power prices and falling Bitcoin costs.

On Dec. 9, Argo inadvertently shared a doc with a reporter that falsely declared it to have filed for chapter. In response, the London Inventory Trade and Nasdaq suspended trading of its shares. The workforce responded by requesting that its shares resume buying and selling, because it had not really filed for chapter.

On the time, the corporate admitted that it was “prone to having inadequate money to assist ongoing enterprise operations inside the subsequent month.” Nonetheless, it acknowledged that it was nonetheless making an attempt to keep away from Chapter 11 chapter.

On Dec. 16, the agency introduced that it was facing additional damaging consideration from NASDAQ. Its shares had traded beneath $1 for 30 consecutive days. If the corporate didn’t get its share worth to shut above $1 inside the subsequent 180 days, it will be delisted from NASDAQ.

This new suspension of buying and selling on Dec. 27 was not initiated by the inventory trade. As an alternative, Argo voluntarily requested that buying and selling of its shares be halted. An announcement is anticipated from the workforce on Dec. 28, previous to the 8 a.m. UTC opening of the London Inventory Trade.