Argo Blockchain reports that it has insufficient funds but there is no guarantee that it will avoid Chapter 11 bankruptcy


According to the mining company, Argo Blockchain trading was suspended on the London Stock Exchange (LSX) and Nasdaq (Nasdaq) Dec. 9. News Collect this piece of crypto history. Argo Blockchain reported that it was at risk of not having sufficient funds to continue operating within a month and was currently engaged in “advanced negotiation” to sell certain assets. Although the mining company claimed it had not filed for Chapter 11 bankruptcy in America, the “inadvertently printed materials” regarding the company’s financial condition led to the suspension and resumption of trading on the LSE and Nasdaq on December 9. Argo reported that trading had resumed on the London Stock Exchange Dec. 12, but no data was available with the LSE at the time. The shares of the mining company closed at $0.69 on Dec. 8 on the Nasdaq and 6.70 on the LSE. Argo stated that “The Company is optimistic that it will be in a position to consummate the transaction without having to file a voluntary Chapter 11 bankruptcy petition in the United States.” “The Company requested that the UK Financial Conduct Authority reinstate the listing of its ordinary shares. This is expected to occur as soon as possible. “New RNS just out with an update on the restoration of trading on the LSE: $ARBK #BTC– Argo (@ArgoBlockchain) December 12, 2022
In October, the mining company reported that it was at risk of going cash flow negative “in near term” if it fails to raise capital to continue operations. Argo reported that it sold some of its Bitcoin (BTC), due to the bear market. This was to repay a loan from Galaxy Digital. It secured crypto-backed loan agreements from Galaxy Digital in 2021. Argo reported that it had 126 Bitcoins and Bitcoin equivalents as of Nov. 30. The cryptocurrency’s price was $17,033 as of November 30, 2017. In their criticisms of the crypto market, many global regulators and lawmakers pointed to the collapses of Terraform Labs (Climate Network), Voyager Digital and BlockFi.


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