Skip to main content

Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Bitcoin miner Argo Blockchain announced that it requested the suspension of trading its company shares on Dec. 27, as the company expects to make an announcement on Wednesday, Dec. 28, 2022. The company’s stock has lost 96.34% year-to-date and on Dec. 12, the bitcoin miner “advanced negotiations with a third party to sell certain assets” in order to “strengthen its balance sheet and improve its liquidity.”

Argo Blockchain Requested a Suspension of Stock Trading Pending an Official Announcement

On Tuesday, Dec. 27, 2022, the publicly-listed bitcoin miner Argo Blockchain (Nasdaq: ARBK) announced that it has requested the suspension of trading its shares via Nasdaq and the London Stock Exchange as well.

Argo detailed that it believes trading will resume after the company makes an important announcement on Dec. 28. Argo disclosed that the announcement is “expected to be released before [the] opening of trading on Wednesday.”

Argo is one of many bitcoin mining operations that has suffered a great deal financially from the crypto winter. During the first week of Nov. 2022, Argo’s stock was downgraded by the financial institution Canaccord Genuity and Jefferies analysts.

Another publicly-listed bitcoin mining competitor Core Scientific filed for Chapter 11 bankruptcy protection last week, and in late Sept. 2022, Compute North filed for Chapter 11 bankruptcy protection. Stats show that publicly traded mining firms collectively have debts of more than $4 billion.

Furthermore, Argo accidentally published documentation that said it was voluntarily filing for Chapter 11 bankruptcy protection. However, documents from Dec. 12, 2022, indicate the miner is in “advanced negotiations with a third party to sell certain assets.”

The company further said Argo “is hopeful that it will be able to consummate the transaction outside of a voluntary Chapter 11 bankruptcy filing in the United States, although there is no assurance that the company can avoid such a filing.”

What do you think about Argo Blockchain suspending trading in order to make an announcement on Wednesday? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/TtD4FHc
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more