Shares of Argo Blockchain plc (NASDAQ: ARBK) were up 28.85% to $0.4935 at the time of the most recent check. The top bitcoin miner in the world appears to be rebounding from its loss during a routine session after receiving a listing notification.
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Which notice has been sent to ARBK?
On Friday, the Nasdaq Stock Market LLC Listing Qualifications Department sent a written notice to Argo Blockchain (ARBK) (the “Notification Letter”) (“Nasdaq”). The notice informed Argo Blockchain that it was in violation of the Nasdaq Rules’ minimum bid price requirement. As the final bid price for ARBK’s American Depositary Shares (“ADS”) listed on the Nasdaq Global Select Market fell below $1.00 for 30 consecutive business days, the company got the letter.
The ADSs are anticipated to continue trading on the Nasdaq Global Select Market until ARBK regains compliance with the minimum bid price requirement on June 12, 2023, in line with the Listing Rule. Before June 12, 2023, if the bid price of ARBK ADSs closes at or above $1.00 per share for a minimum of 10 straight business days, Nasdaq will notify the company in writing that it has met the minimum bid price criterion and will deem any outstanding deficiency issues resolved.
Both Argo Blockchain’s business activities and its listing on the London Stock Exchange are unaffected by the Notification Letter. Also unaffected by the Notification Letter are ARBK’s current discussions with a third party about the asset sale and hardware funding transaction that was made public on December 12, 2022. Between now and June 12th, 2023, ARBK plans to keep an eye on the bid price of its ADSs. ARBK will also be considering every alternative to address the issue and return to Nasdaq Rule compliance.
How is ARBK progressing?
To strengthen its balance sheet and increase its liquidity, Argo Blockchain (ARBK) is in further discussions to sell some of its assets and complete an equipment financing deal. ARBK, located in London, is hoping to be allowed to take these actions without filing for voluntary Chapter 11 bankruptcy in the United States.
