Argo Blockchain (LON: ARB) (NASDAQ: ARBK) said Friday that it has been sent a letter from the Nasdaq Stock Market Listing Qualifications Department stating it is not in compliance with the minimum bid price requirement.
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The minimum bid price requirement means a security must have a closing bid price of $1 or more for 10 consecutive business days. Argo Blockchain’s Nasdaq-listed shares are currently priced at $0.4850 and has been below the $1 price since early November, according to TradingView’s chart.
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Argo Blockchain has been told it now has until 12 June 2023 to regain compliance with the minimum bid price requirement, and if the bid price of its American Depositary Shares closes at or above $1 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that Argo has achieved compliance with the requirement.
“The Company intends to monitor the bid price of its ADSs between now and 12 June 2023, and to evaluate all available options to resolve the deficiency and regain compliance with Nasdaq Rule 5450(a)(1),” Argo said in a statement.
The Bitcoin miner has been struggling for some time with the company’s London-listed shares recently suspended by the FCA after “certain draft materials,” which implied that it was filing for Chapter 11 bankruptcy, were accidentally published as a test page on its website.
However, Argo shares were reinstated a few days later after the company said they were just part of its process for analysing its strategic options.
Even so, Argo warned that while it is currently in advanced negotiations with a third party to sell certain assets and engage in an equipment financing transaction to raise much-needed funds, “there is no assurance” that it can avoid chapter 11 bankruptcy.
While ARB’s London-listed shares dipped in the early part of the session, it is currently up over 2% at 3.75p per share.
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