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Argo Blockchain Requests 24-Hour Nasdaq Trading Suspension

Sam Boughedda
Sam Boughedda trader
Updated 27 Dec 2022

Struggling Bitcoin mining firm Argo Blockchain (LON: ARB) (NASDAQ: ARBK) announced Tuesday that it has requested a 24-hour suspension of trading for its ADSs and unsecured notes traded on the Nasdaq.

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YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


The London-based company said it has made the request as the London Stock Exchange is closed on Tuesday, and it intends to make an announcement before the opening of trading on Wednesday, December 28.

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YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY

Argo Blockchain has been in talks to secure financing and warned on December 12 that it is at risk of having insufficient cash to support its ongoing business operations within the next month. 

It added that it “is in advanced negotiations with a third party to sell certain assets and engage in an equipment financing transaction” that Argo believes will strengthen its balance sheet and improve its liquidity. 

As a result, Argo said it was hopeful it will be able to avoid a voluntary Chapter 11 bankruptcy filing in the United States. However, it cautioned that there is no assurance it can avoid such a filing. 

At the end of November, Bloomberg reported that Bitcoin miners, who raised significant funds from mining-equipment financing when profit margins were as high as 90%, are now defaulting on loans and sending machines that served as collateral back to lenders.

Argo’s London-listed shares are down more than 95% in 2022, despite a 32% rise last Friday. 


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.