Main cryptocurrency mining firm Argo Blockchain has received again compliance with Nasdaq Itemizing Guidelines, after fulfilling the minimal bid value required by Nasdaq.
Argo receives discover of compliance
In a press launch on Jan. 23, 2023, Argo Blockchain introduced that the agency obtained a notification from Nasdaq’s Itemizing {Qualifications} Division stating that the crypto miner regained compliance with the itemizing rule of the American inventory trade big.
In accordance with Argo Blockchain, the agency regained compliance after its ARBK shares maintained the required minimal bid value of $1.00 for ten consecutive buying and selling days, which was fulfilled on Jan. 13, 2023.
The cryptocurrency miner earlier acquired a discover from Nasdaq on Dec. 16, 2022, stating that the corporate’s inventory closed beneath the minimal $1.00 for 30 consecutive buying and selling days. Argo was anticipated to rectify the state of affairs by June 12, 2023.
“If at any time earlier than 12 June 2023, the bid value of the ADSs closes at or above $1.00 per share for at least 10 consecutive enterprise days, Nasdaq will present written notification that the Firm has achieved compliance with the minimal bid value requirement and can take into account such deficiency issues closed.”
Argo Blockchain.
Having fulfilled the requirement, Argo said that Nasdaq confirmed the matter to be closed. Earlier than the newest announcement, Argo confronted liquidity points and was making efforts to keep away from submitting for chapter.
As reported by crypto.information, the crypto miner requested the UK Monetary Conduct Authority (FCA) to revive buying and selling of its strange shares on the London Inventory Trade (LSE).
The LSE and Nasdaq suspended buying and selling of Argo’s inventory after a sure draft implied that the agency was submitting for Chapter 11 chapter, with the corporate stating that such motion was not but taken.
Nonetheless, Argo stated that the mining agency was in search of funds to allow operations, and was already talking with a 3rd get together to promote belongings, with the third get together turning out to be Galaxy Digital. The miner offered its Helios mining plant to Galaxy for $65 million, strengthening Argo’s steadiness sheet and averted chapter.