Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Argo Blockchain Nasdaq
World exchanges

Argo Blockchain withstood Nasdaq conditions, avoiding delisting

27.04.2023
2 min read

Argo Blockchain reduces coin production

The British company Argo Blockchain managed to avoid delisting, which was threatening it since the end of 2022. At that time, the Nasdaq exchange informed the mining firm of the high risk of removing the shares from trading. The reason was the fact that the price of Argo securities for 30 days did not exceed one dollar, which contradicts the rules of the site. After some time, the company itself asked Nasdaq to disable the possibility of operations with the shares.
In order to stay on the exchange, Argo had to meet a number of requirements. First of all, it concerned the closing price, which had to be kept at $1 for 10 days. The British company was able to meet this condition, after which Nasdaq lifted the warning, and Argo shares remained on the floor.
The company was listed on the Nasdaq stock exchange in 2021. However, in the fall of 2022, Argo announced that it was unable to carry out the sale of shares. The amount should be 24 million pounds. It should be noted that Argo securities were listed on the London and New York stock exchanges until December 2022. However, platforms have declared a ban on transactions with shares of the company, while the reasons for this decision were not specified.Argo BlockchainFor some time Argo has been experiencing difficulties. The company had to sell its largest data center, located in Texas. The transaction amounted to $ 65 million, the funds will go to refinance loans. According to the company’s management, the sale of the data center should reduce the company’s debt by $41 million. In addition, the proceeds will help preserve the company’s liquidity to continue operations. Argo still owns data centers in Quebec with a hash rate generation of approximately 0.14 EH/s.
According to last month’s reports, the mining company mined 147 bitcoins, while in the previous period, the figure was 198 BTC. The company reduced its production by almost 26 percent.
A few months ago, Argo shareholders filed a class action lawsuit against the miner. The reason was the withholding of data during the IPO, as well as the provision of untrue information that distorted the plaintiffs’ view of the company’s situation.
The shareholders believe that the company and its management failed to communicate the extent to which rising electricity prices were impacting production costs. According to the plaintiffs, the company was highly susceptible to the impact of global factors, which in turn affected its financial prospects. Argo’s management did not inform investors of these risks, otherwise, they would not have purchased the company’s stock at an inflated price.

Tags: World exchanges
0
Previous Post Major U.S. banks are developing their own digital wallet Next Post Elliott Management buys cloud software developer Salesforce

You Might Also Like

Bullish
World exchanges
Cryptocurrency exchange Bullish plans a listing through SPAC
15.04.2022
Tadawaul
World exchanges
Middle East’s largest stock exchange Tadawul prepares for IPO
16.12.2021
Bitcoin transactions
World exchanges
Forbes: bitcoin transactions on exchanges have a high risk of fictitiousness
16.10.2022
The European Stock Exchanges
World exchanges
European Stock Exchanges are reacting sharply to the rise in inflation
04.07.2022
Ethereum-2
World exchanges
More than half of all Ethereum stored on Coinbase and Binance cryptocurrencies
21.05.2023
Arm
World exchanges
SoftBank considers going public with Arm by the end of 2023
13.05.2023

Recent Posts

  • 1inflation in the UK
    Inflation in the UK will decline: analysts’ forecasts
    03.06.2023
  • 2Mary Erdoes
    Mary Erdoes: the most powerful woman on Wall Street
    02.06.2023
  • 3Pilatus Aircraft
    Pilatus Aircraft: the history of the Swiss aircraft manufacturer
    01.06.2023
  • 4investment triangle to select a particular asset
    Investment triangle: how to choose the best asset for investment
    31.05.2023
  • 5Nissan and Renault
    Nissan and Renault invest $600 million in a joint venture
    30.05.2023

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Deposit rates in Russia are losing their relevance as an option to generate income

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Latest Posts

inflation in the UK
Inflation in the UK will decline: analysts’ forecasts
03.06.2023
Mary Erdoes
Mary Erdoes: the most powerful woman on Wall Street
02.06.2023
Pilatus Aircraft
Pilatus Aircraft: the history of the Swiss aircraft manufacturer
01.06.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Deposit rates in Russia are losing their relevance as an option to generate income
  • Dmitry Babin: the ruble is strengthening – review by Сhaslau Koniukh
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics