Major cryptocurrency mining company Argo Blockchain has won back compliance with Nasdaq Listing Rules, after fulfilling the minimum bid price required by Nasdaq.
Argo receives notice of compliance
In a press release on Jan. 23, 2023, Argo Blockchain announced that the firm got a notification from Nasdaq’s Listing Qualifications Department stating that the crypto miner regained compliance with the listing rule of the American stock exchange giant.
According to Argo Blockchain, the firm regained compliance after its ARBK shares maintained the required minimum bid price of $1.00 for ten consecutive trading days, which was fulfilled on Jan. 13, 2023.
The cryptocurrency miner earlier received a notice from Nasdaq on Dec. 16, 2022, stating that the company’s stock closed below the minimum $1.00 for 30 consecutive trading days. Argo was expected to rectify the situation by June 12, 2023.
“If at any time before 12 June 2023, the bid price of the ADSs closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement and will consider such deficiency matters closed.”Argo Blockchain.
Having fulfilled the requirement, Argo stated that Nasdaq confirmed the matter to be closed. Before the latest announcement, Argo faced liquidity issues and was making efforts to avoid filing for bankruptcy.
As reported by crypto.news, the crypto miner asked the UK Financial Conduct Authority (FCA) to restore trading of its ordinary shares on the London Stock Exchange (LSE).
The LSE and Nasdaq suspended trading of Argo’s stock after a certain draft implied that the firm was filing for Chapter 11 bankruptcy, with the company stating that such action was not yet taken.
However, Argo said that the mining firm was seeking funds to enable operations, and was already speaking with a third party to sell assets, with the third party turning out to be Galaxy Digital. The miner sold its Helios mining plant to Galaxy for $65 million, strengthening Argo’s balance sheet and averted bankruptcy.