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Argo Blockchain’s stock, ARBK, has resumed trading on Nasdaq, the company announced in a Securities and Exchange Commission filing Monday morning.
On December 16, Nasdaq first warned Argo it would have to suspend trading because its stock had not maintained a closing price above $1 for 30 consecutive days.
“To regain compliance, the Company was required to maintain a minimum closing bid price of $1.00 for ten consecutive trading days,” the company wrote in its SEC filing. “This requirement was met on 13 January 2023.”
Argo Blockchain declined to comment beyond what was included in the filing.
Argo and the crypto bear
It's a rare piece of good news for Argo, which was in a bad way for most of last year.
The company's shares began trading at $15 on Nasdaq in September 2021 after Argo raised $112 million in an initial public offering.
In June and July last year, Argo Blockchain was among a handful of Bitcoin miners forced to sell more than it mined in a month in a bid to stay afloat. By October, its share price had plunged by 40% and it called off a plan to raise $27 million.
"The company no longer believes that this subscription will be consummated under the previously announced terms," the company said in a press release. "Argo is continuing to explore other financing opportunities."
By December 2022, after a year of rampant contagion in crypto markets, the London-based Bitcoin mining company suspended trading of its shares on Nasdaq. Just days before, the London Stock Exchange's Financial Conduct Authority had issued a similar warning, saying on December 9 that it would temporarily suspend trading of the company's shares starting on December 12.
Later that month, Argo sold its Helios mining facility in Texas to Galaxy Digital for $65 million. As part of the deal, Argo borrowed $35 million from Galaxy and secured the loan with its mining rigs, including Bitmain s19J Pros that were operating in the Helios facility at the time.