Key Points: Corporate officials indicated earlier this month that they were close to a restructuring without having to file for bankruptcy.
Their shares on the London Stock Exchange and Nasdaq (ARBK) have been suspended for 24 hours.
Argo Blockchain has placed a halt to trading in stocks of the United States for the next 24 hours. Argo Blockchain announced earlier this month it was close to reorganizing and not declaring bankruptcy. Argo Blockchain, a crypto mining company whose shares trade on the London Stock Exchange and Nasdaq (ARBK), requested a suspension of trading for 24 hours in the United States. The London-based company, which has been in discussions to raise financing, stated it would issue a statement prior to trading opening on Wednesday. It stated that it was in advanced talks with a lender to finance equipment and sell some of its assets. This was in order to strengthen its liquidity and balance sheet. It plans to increase liquidity by selling its properties and mining equipment. Argo Blockchain stated that it was trying to avoid this filing, but that there is no guarantee that it will be avoided. In any case, Argo retained Berkeley Research to evaluate its options and McDermott Will & Emery LLP for legal guidance to help resolve its liquidity crisis. They announced in October that a deal to raise $27million from a strategic investor had failed. This caused the shares to plummet more than 70%. Argo announced a series if steps in October, including the sale bitcoin mining devices. The stock plummeted. According to the November update, the company mined 198 bitcoins in November compared to 204 BTC in October. The company’s stock began to plummet. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comChubbiCoincu NewsTags: Argo blockchainmarketsuspendsUS stockUS stock exchange