Bitcoin Miner Argo Blockchain Resumes Trading on NASDAQ

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Argo Blockchains stock, ARBK, has resumed trading on the Nasdaq, the company said in a filing with the Securities and Exchange Commission Monday morning.

On Dec. 16, Nasdaq first warned Argo that it would have to suspend trading because its stock had not maintained a closing price above $1 for 30 consecutive days.

To regain compliance, the company was required to maintain a minimum closing bid price of $1.00 for ten consecutive trading days, the company wrote in its filing with the SEC. This requirement was met on January 13, 2023.

Argo Blockchain declined to comment beyond what was included in the filing.

Argo and the Crypto Bear

This is rare good news for Argo, which has been in bad shape for most of the past year.

Shares of the company began trading at $15 on Nasdaq in September 2021 after Argo raised $112 million in an initial public offering.

In June and July last year, Argo Blockchain was among a handful of Bitcoin miners forced to sell more than it mined in a month in a bid to stay afloat. By October, its share price had plunged 40% and it canceled a $27 million raise plan.

“The company no longer believes this subscription will be consumed under the terms previously announced,” the company said in a press release. “Argo continues to explore other funding opportunities.”

In December 2022, after a year of rampant contagion in crypto markets, the London-based bitcoin mining firm suspended trading of its shares on the Nasdaq. A few days earlier, the London Stock Exchange’s Financial Conduct Authority had issued a similar warning, saying on December 9 that it would temporarily suspend trading in the company’s shares from December 12.

Later that month, Argo sold its Helios mining facility in Texas to Galaxy Digital for $65 million. As part of the deal, Argo borrowed $35 million from Galaxy and secured the loan with its mining rigs, including Bitmain s19J Pros which were running in the Helios facility at the time.

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