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Shares of Bitcoin Miner Argo Blockchain Suspended in UK and US
The struggling firm said at the end of October that it might have to cease operations if it was unable to secure additional financing.
By Nelson Wang
Updated May 9, 2023, 4:04 a.m. Published Dec 9, 2022, 9:13 p.m.
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Trading in shares of London-based Argo Blockchain (ARBK) was suspended in the U.K. and U.S. on Friday. The exact reason for the suspension was not disclosed, but it typically is due to the pending release of news.
At the end of October, Argo said that a deal to raise $27 million from a strategic investor had fallen through, sending its shares tumbling more than 70%.
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"Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations," the company said at the time in a statement to the London Stock Exchange.
In its November operational update released Friday, Argo said it was continuing to engage in financing discussions to “provide the company with working capital sufficient for its present requirements.” It added that “a further announcement will be made in due course.”
Argo and many other publicly traded bitcoin miners have been suffering lately from the combination of falling crypto prices and rising energy costs.
Argo shares began plunging in early October, when the firm announced a set of strategic actions including the sale of bitcoin mining rigs, to fulfill its obligations and execute its strategy.
Its November update showed that it mined 198 bitcoin in the month, down from 204 mined in October. It also said that revenues amounted to $3.46 million, down from $4.0 million in the previous month.
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