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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.”
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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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