- Nasdaq originally informed Argo that trading would be suspended on December 16.
- After seeing a 40% drop in share price, the company scrapped plans to raise $27M.
In a filing with the SEC made on Monday morning, Argo Blockchain reported that its stock, ARBK, has re-entered trading on Nasdaq. Moreover, Nasdaq originally informed Argo that trading would be suspended on December 16 due to the company’s shares not closing above $1 for 30 days in a row.
As of January 13, 2023, this criterion was fulfilled. This is a welcome bit of good news for Argo, which has had a rough time of it for the better part of 2022. Moreover, shares of Argo started trading at $15 on Nasdaq in September 2021, after the firm raised $112 million in an IPO.
Tough Phase For Miners
Moreover, Argo Blockchain was one of a small number of Bitcoin miners that had to sell more than it mined in a given month in June and July of last year. In October, after seeing a 40% drop in share price, the company scrapped plans to raise $27 million.
In a press statement, the firm said, that the company no longer expects that the subscription will be concluded under the previously disclosed conditions and is actively looking at more funding options.
Furthermore, after a year of widespread panic in crypto markets, the London-based Bitcoin mining business temporarily halted trading of its shares on Nasdaq in December 2022. The Financial Conduct Authority of the London Stock Exchange had issued a similar warning only days prior, on December 9, stating that trading of the company’s shares would be temporarily suspended beginning on December 12.