• Argo Blockchain regained compliance with Nasdaq Listing Rules after fulfilling the required minimum bid price of $1.00 per share.
• The firm got a notification from Nasdaq’s Listing Qualifications Department on January 13, 2023, confirming the successful compliance.
• Nasdaq has now closed this deficiency matter.
Argo Blockchain, a major cryptocurrency mining company, has fulfilled the minimum bid price requirement for Nasdaq Listing Rules and regained compliance with the American stock exchange giant. On January 23, 2023, the firm received a notification from Nasdaq’s Listing Qualifications Department stating that their ARBK shares had maintained the required minimum bid price of $1.00 for ten consecutive trading days.
This compliance was achieved after Argo received a notice from Nasdaq on December 16, 2022, stating that the company’s stock had closed below the minimum $1.00 for 30 consecutive trading days. As a result, the firm was required to rectify the situation by June 12, 2023, and had been making efforts to do so. Having fulfilled the requirement, Argo stated that Nasdaq confirmed the matter to be closed.
Prior to the latest announcement, Argo had faced liquidity issues and was at risk of filing for bankruptcy. The firm had asked the UK Financial Conduct Authority (FCA) to restore trading of its ordinary shares on the London Stock Exchange in order to strengthen its financial standing. Additionally, Argo had announced plans to raise up to $50 million in a private placement, which would be used to fund the company’s operations and reduce its debt burden.
The successful compliance with Nasdaq’s Listing Rules is a major milestone for Argo and a testament to the firm’s commitment to restoring its financial health and stability. The cryptocurrency miner will now be able to continue its operations without the risk of bankruptcy and pursue more opportunities for growth.