Argo Blockchain Requests Nasdaq Suspend Trading of Their Shares Due to Restructuring

let atwWrapper,atwContainerWidth,atwSliderBox,atwTotalWidth; function initATWSlider() { atwWrapper = $('.relatedInstruments'); atwSliderBox = atwWrapper.find('.slider'); atwContainerWidth = atwWrapper.width(); atwTotalWidth = atwSliderBox.width(); if(window.domainId === '2' || window.domainId === '3'){ atwWrapper.find('.sliderRight').addClass('js-slider-prev'); atwWrapper.find('.sliderLeft').addClass('js-slider-next'); } else { atwWrapper.find('.sliderRight').addClass('js-slider-next'); atwWrapper.find('.sliderLeft').addClass('js-slider-prev'); } if(atwSliderBox.find('.instrumentBox').length > 6){ atwWrapper.find('.js-slider-next').fadeIn(600); } } function atwMoveRight() { atwWrapper.find('.js-slider-prev').fadeIn(150); $(".slider > :visible:first").hide(150) $(".slider > :visible:last").next().show(150); if(!$(".slider > :visible:last").next().find('.name')()){ atwWrapper.find('.js-slider-next').fadeOut(150); return; } } function atwMoveLeft() { atwWrapper.find('.js-slider-next').fadeIn(150); $(".slider > :visible:last").hide(150); $(".slider > :visible:first").prev().show(150); if(!$(".slider > :visible:first").prev().find('.name')()){ atwWrapper.find('.js-slider-prev').fadeOut(150); return; } } initATWSlider(); //update star icon on adding/removing instrument to/from specific watchlist atwWrapper.on('click', 'label.addRow', function() { let parent = $(this).parent(); let checkedPortfolio = false; parent.find('input[type=checkbox]').each(function () { if($(this).is(':checked')){ checkedPortfolio = true; } }); let closestStar = $(this).closest('.addToPortWrapper').find('.star'); if(checkedPortfolio){ closestStar.addClass('added'); }else{ closestStar.removeClass('added'); } }); //update star icon on creating new watchlist atwWrapper.find('.js-create-watchlist-portfolio').find('a.js-create').on('click',function () { let parent = $(this).parent(); let watchlistName = parent.find('input[type=text]').val(); if(!watchlistName){ return; } let star = $(this).closest('.addToPortWrapper').find('.star'); star.addClass('added'); }); //update star icon on adding new position atwWrapper.find('.js-create-holdings-portfolio').find('.js-submit').on('click',function () { let addPositionForm = $(this).closest('.addToPortfolioPop').find('.holdingsContent'); let amount = addPositionForm.find('.js-amount').val(); if(amount < 1){ return; } let star = $(this).closest('.addToPortWrapper').find('.star'); star.addClass('added'); }); atwWrapper.find('.instrumentBox').find('.shortInfo').on('click',function () { if(!window.ga){ return; } let pairId = $(this).parent().find('.js-add-to-portfolio').attr('data-pair-id'); let pairType = window.atwPairTypes[pairId]; window.ga('allSitesTracker.send', 'event', 'content', 'symbol link clicked', '', { "dimension147":"symbol_link_clicked", "dimension163":"click", "dimension148":"symbol", "dimension162":"content add to watchlist", "dimension161":"article page", "dimension142":"article", "dimension75":pairType, "dimension138":pairId, "dimension118":"2970511" }); window.open($(this).attr('data-href')); }); window.atwPairTypes = {"16943":"Equities","1057391":"indice"};

• Bitcoin miner Argo Blockchain is a publicly listed UK-based company. They have requested that the NASDAQ suspend trading ahead of an announcement planned for Wednesday.
• The company previously announced that it could restructure without declaring bankruptcy.

UK-based Bitcoin mining company Argo Blockchain requested a 24-hour trading suspension by NASDAQ ahead of their Wednesday forward-looking statement. The company is publicly traded on the NASDAQ (ARBK) and the London Stock Exchange (ARB).

The company expects to make the forward-looking statement before trading opens on Wednesday.

Argo Blockchain previously faced the possibility of bankruptcy; however, they are in ‘advanced negotiations with a third party to sell certain assets’ and finance their equipment.

In a December 12th press release Argo Blockchain mentioned that they are hopeful of restructuring the company without a voluntary US Chapter 11 bankruptcy filing. However, it was stressed that there is ‘no assurance that the Company can avoid such a filing.’

Wednesday’s announcement will see progressive steps for Argo Blockchain after they warned of potential negative cash flow in October due to the collapse of a $27 million financing deal.

Other mining companies have also faced trouble, with Core Scientific filing for bankruptcy after a similar October warning.

On the Flipside

• Although crypto miners have faced recent issues, Bitmain’s latest Antminer faced no troubles quickly selling out.

Why You Should Care

Argo Blockchain is a reputable publically listed company. As more businesses suffer after recent events, investors need to keep note of the ongoing situation.

Read more about recent issues for miners:

Seventh-Largest Bitcoin Mining Pool (NASDAQ:POOL) BTC.com Reports $3 Million Cyberattack

See original on DailyCoin