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Argo Blockchain plc Faces Nasdaq Compliance Challenge: Key Financial Insights

$ARBK
Form 6-K
Filed on: 2025-01-17
Source
Argo Blockchain plc Faces Nasdaq Compliance Challenge: Key Financial Insights

Key Information and Insights from the Financial Report (Form 6-K) of Argo Blockchain plc

1. Company Overview:

  • Name: Argo Blockchain plc
  • Ticker Symbols: LSE: ARB; NASDAQ: ARBK
  • Focus: Large-scale cryptocurrency mining, with operations predominantly powered by renewable energy.
  • Headquarters: Eastcastle House, 27/28 Eastcastle Street, London, England.

2. Notification of Minimum Bid Price Deficiency:

  • Date of Notification: 17 January 2025.
  • Reason for Notification: Argo received a written notification from Nasdaq indicating that it is not in compliance with the minimum bid price requirement due to the closing bid price of its American Depositary Shares (ADS) being below $1.00 for 30 consecutive business days.

3. Compliance Deadline:

  • Regaining Compliance: The company has until 15 July 2025 to regain compliance.
  • Requirements for Compliance: If the bid price for the ADS closes at or above $1.00 per share for at least 10 consecutive business days before the deadline, Argo will be notified of compliance and the deficiency will be considered resolved.

4. Impact on Operations:

  • The notification does not impact the company's business operations or its listing on the London Stock Exchange (LSE).
  • Argo intends to monitor the bid price of its ADS and evaluate options to resolve the deficiency.

5. Additional Notes:

  • The document contains inside information, indicating its relevance to investors and stakeholders.
  • The company emphasizes its commitment to regain compliance and maintain its Nasdaq listing.

6. Contact Information:

  • Investor Relations Contact:
    • Email: ir@argoblockchain.com
  • Corporate Broker Contact:
    • Peter Krens: +44 207 186 9030
  • Joint Broker Contact:
    • Guy Wheatley, CFA: +44 7493 989014

Summary:

Argo Blockchain plc has been notified of a deficiency regarding the minimum bid price of its shares listed on Nasdaq, requiring it to take action by mid-2025 to maintain compliance. The company remains operationally unaffected and is actively monitoring the situation. This update is crucial for investors and stakeholders to assess the company's financial health and stock performance.