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The British mining company Argo Blockchain has asked Nasdaq to suspend trading in shares until the announcement on Wednesday, December 28.
The firm will issue a press release before the start of the trading session.
According to the company's Twitter, back on December 16, the exchange notified it of a potential delisting — the shares have been trading below $1 for 30 days, which is a violation of the rules.
New RNS: we received notice from @Nasdaq as our ADSs have closed below $1 for 30 trading days
We have 180 days to cure this deficiency
No impact to our operations or LSE listing, and no impact to our ongoing negotiations
Full RNS: https://t.co/Au3txnlkHL
#ARB $ARBK #BTC
— Argo (@ArgoBlockchain) December 16, 2022
Earlier, Bitfarms received a similar warning from Nasdaq.
Back on December 12, the London Stock Exchange suspended trading in Argo shares. The community attributed this to the expectations of the company's bankruptcy application.
Argo explained that the statement of insolvency leaked to the network was erroneous. The company also assured that they are looking for sources of external financing.
At the end of October, the firm admitted that it was unable to complete the sale of shares for £24 million.
Recall that on December 21, one of the largest miners in North America, Core Scientific, filed for insolvency under Chapter 11 of the US Bankruptcy Code.
