Argo Blockchain PLC Announces Celsius Resolution of Claims

Rhea-AI Summary

Argo Blockchain has settled its litigation with Celsius, resolving mutual claims in a New Jersey federal court. The agreement includes the termination of a lease agreement initiated on November 2, 2020, with Argo paying $6,320,947.64 to settle financial obligations. In exchange, Celsius transferred ownership of Bitmain S19 Antminer S19 Pro mining machines to Argo. Additionally, Argo terminated its mining services agreement with Celsius, receiving payment in Bitcoin. Further terms of the settlement were not disclosed.

Positive

• Settlement allows Argo to eliminate its financial obligations to Celsius.
• Transfer of Bitmain S19 Antminer S19 Pro mining machines boosts Argo's mining capacity.

Negative

• None.

LONDON, UK / ACCESSWIRE / December 8, 2021 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK) announces that they have reached an amicable resolution with Celsius, of their respective claims in the litigation pending in New Jersey federal court. Pursuant to the resolution: (i) the parties entered into an amendment terminating their November 2, 2020 lease agreement, whereby Argo paid Celsius US $6,320,947.64 in satisfaction of its remaining financial obligations to Celsius and Celsius conveyed title to Argo for the Bitmain S19 Antminer S19 Pro mining machines covered by the lease and (ii) Argo agreed to terminate its mining services arrangement with Celsius in return for a payment from Celsius to Argo in the form of Bitcoin. The remaining terms of the resolution were not disclosed.

For further information please contact:

Argo Blockchain
Peter Wall Chief Executive	via Tancredi +44 203 434 2334
finnCap Ltd
Corporate Finance Jonny Franklin-Adams Tim Harper Joint Corporate Broker Sunila de Silva	+44 207 220 0500
Tennyson Securities
Joint Corporate Broker Peter Krens	+44 207 186 9030
OTC Markets
Jonathan Dickson jonathan@otcmarkets.com	+44 204 526 4581 +44 7731 815 896
Tancredi Intelligent Communication UK & Europe Media Relations
Emma Valgimigli Emma Hodges Salamander Davoudi Fabio Galloni-Roversi Monaco argoblock@tancredigroup.com	+44 7727 180 873 +44 7861 995 628 +44 7957 549 906 +44 7888 672 701

About Argo:

Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the Nasdaq Global Select Market in the United States under the ticker: ARBK.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Argo Blockchain PLC

View source version on accesswire.com:
https://www.accesswire.com/676471/Argo-Blockchain-PLC-Announces-Celsius-Resolution-of-Claims

FAQ

What is the recent news about Argo Blockchain and Celsius?

Argo Blockchain has amicably resolved its litigation with Celsius, terminating their lease agreement and settling financial obligations.

How much did Argo pay Celsius to settle the claims?

Argo paid Celsius approximately $6,320,947.64 to settle its remaining financial obligations.

What mining equipment did Argo acquire from Celsius?

Argo received ownership of the Bitmain S19 Antminer S19 Pro mining machines as part of their settlement.

Did Argo Blockchain's settlement with Celsius affect its mining operations?

Yes, the settlement allows Argo to enhance its mining operations by acquiring additional mining machines.

What is the ticker symbol for Argo Blockchain?

Argo Blockchain is listed under the ticker symbol ARBK on the Nasdaq.