Argo Blockchain, a bitcoin miner, sent a letter to the Securities and Exchange Commission on Monday informing the agency that the firm’s ARBK stock is back trading on NASDAQ after being suspended for over a month.
NASDAQ gave Argo Blockchain its first suspension warning on December 17, after the Bitcoin miner’s stock failed to maintain a closing price of $1 and above for four consecutive weeks. To resume trading, NASDAQ required Argo Blockchain’s stock to maintain a closing price of $1 for ten consecutive trading days.
In its filing to the Securities and Exchange Commission, the Bitcoin miner reported that it had fulfilled the requirement on January 14 this year. However, efforts to reach Argo Blockchain for further explanation of other details included in the filing have been in vain.
Argo Blockchain and the Crypto Winter
The resumption of ARBK trading on NASDAQ is good news for the Bitcoin miner following a rough ride last year due to the crypto winter. The Argo Blockchain’s shares started trading at $16 on NASDAQ in late 2021 after the firm raised over $110 million in an initial public offering (IPO).
Also read:In June 2022, Argo Blockchain joined the list of several Bitcoin miners who had to sell more than what they mined to keep operations running. Three months later, ARBK stock price was trading at $6, representing a drop of nearly 40%. As a result, Argo Blockchain canceled plans to raise $28 million.
At that time, the Bitcoin miner released a statement revealing that it had previously entered into a deal with a strategic investor to raise $28 million through a subscription for ordinary shares. However, the firm was uncertain that this subscription would be completed due to the stock price performing poorly.
By mid-December 2022, after months of harsh crypto winter, Argo Blockchain saw its ARBK stock suspended on NASDAQ. The suspension came a few days after the UK’s Financial Conduct Authority issued a similar warning. The authority said London Stock Exchange would suspend ARBK trading by December 19.
Argo Blockchain Sells Its Texas-Based Mining Facility to Raise Funds
In late December, Argo Blockchain agreed to sell to Galaxy Digital its Helios mining facility based in Texas for nearly $66 million. In addition, as part of the sale agreement, the Bitcoin miner borrowed a $34 million loan from Galaxy Digital and kept its mining machines operating at the facility.
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