Argo Blockchain plc American Depositary Shares - ARBK STOCK NEWS

Argo Blockchain plc has released its operational update for January 2023, reporting a 14% increase in Bitcoin mined, totaling 168 BTC due to fewer curtailment hours from December's severe winter storm. Despite a 3% increase in network difficulty, mining revenue rose to $3.42 million, up from $2.49 million in December. The company held 115 BTC as of January 31. Argo announced it will no longer report monthly mining profits following operational changes at Helios, opting for quarterly updates instead. Additionally, a class action lawsuit has been filed against the company, which it intends to vigorously defend.

Argo Blockchain has appointed MSP Corporate Services Limited as its new company secretary and changed its registered office address to Eastcastle House, London, effective immediately. This strategic move may reflect a restructuring in corporate governance. The company, a leader in cryptocurrency mining, operates large-scale mining facilities powered predominantly by renewable energy, with a commitment to sustainability as the first climate-positive mining firm. Investors can expect enhanced corporate oversight as Argo continues to participate in various blockchain initiatives, including DeFi and GameFi projects.

Argo Blockchain announces a change in executive management following the successful sale of its Helios facility to Galaxy Digital Holdings on December 29, 2022. Alex Appleton has resigned as Chief Financial Officer and Executive Director to explore new opportunities. Argo is currently seeking a replacement CFO and has engaged BDO Canada LLP for accounting and advisory support during the transition. CEO Peter Wall expressed gratitude for Appleton's contributions during his tenure. The company remains focused on its growth potential in the cryptocurrency mining sector, emphasizing commitment to sustainable operations.

Argo Blockchain has announced it has regained compliance with Nasdaq's minimum bid price requirement, as confirmed by a letter from Nasdaq's Listing Qualifications Department on January 23, 2023. The company was notified on December 16, 2022, that its stock fell below the required minimum bid price of $1.00. To regain compliance, Argo needed a minimum closing bid price of $1.00 for ten consecutive trading days, achieved on January 13, 2023. This compliance reinstatement is now confirmed as a closed matter by Nasdaq.

Argo Blockchain provides an operational update for December 2022, reporting a total of 147 BTC mined, down from 198 BTC in November, primarily due to a winter storm that curtailed operations. Mining revenue for December reached $2.49 million, compared to $3.46 million in November, while the Bitcoin and Bitcoin Equivalent Mining Margin increased to 48%. Argo finalized a $65 million sale of its Helios facility to Galaxy Digital, which will enhance liquidity and reduce debt by $41 million. Argo maintains its hashrate capacity at 2.5 EH/s and holds 141 BTC as of the end of December.

Argo Blockchain plc has finalized its transactions with Galaxy Digital Holdings, Ltd., which include selling its Helios facility in Texas for $65 million (£54 million) and refinancing its asset-backed loans. A hosting agreement with Galaxy was also established to keep Argo's mining machines operational at the Helios site. This strategic move is part of Argo's efforts to strengthen its position in the cryptocurrency mining sector while maintaining a commitment to sustainability.

Argo Blockchain has announced strategic transactions with Galaxy Digital Holdings, including the sale of its Helios facility for $65 million and refinancing $35 million in loans. The transactions will reduce indebtedness by $41 million and enhance Argo's liquidity and operational structure. Argo retains ownership of its mining machines, with Galaxy hosting them at Helios. The company aims to focus on operations in Canada, leveraging low-cost hydroelectric power, while suspending Q3 2022 earnings due to these changes.

Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK) has announced a suspension of trading for its American Depositary Shares (ADSs) and unsecured notes on the Nasdaq Global Select Market due to the closure of the London Stock Exchange on December 27, 2022. Trading is expected to resume on December 28, 2022, following an announcement from the company prior to market opening. The announcement includes forward-looking statements that involve risks such as potential bankruptcy and insufficient cash flow, emphasizing the uncertainty surrounding the company's financial future.

Argo Blockchain has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as its American Depositary Shares (ADS) closed below $1.00 for 30 consecutive business days. The company has until June 12, 2023 to regain compliance. If the ADS closes at or above $1.00 for 10 consecutive days before this date, compliance will be restored. The notification does not impact Argo's business operations or its listing on the London Stock Exchange and does not affect ongoing negotiations for an asset sale.