Argo Blockchain Regains Compliance with Nasdaq Listing Rules
• Argo Blockchain has been granted compliance from Nasdaq Listing Rules after fulfilling the minimum bid price requirement of US$1.00 per share.
• The cryptocurrency miner had earlier been sent a notification from Nasdaq on Dec. 16, 2022, stating that its stock had closed below the minimum price for 30 consecutive trading days.
• The compliance was achieved after Argo’s ARBK shares maintained the required minimum bid price for ten consecutive trading days, which was fulfilled on Jan. 13, 2023.
Argo Blockchain, a major cryptocurrency mining company, has achieved a major milestone as it has regained compliance with the Nasdaq Listing Rules after fulfilling the minimum bid price requirement of US$1.00 per share. The notification of compliance was received by the firm on January 23, 2023.
It can be recalled that Argo Blockchain had earlier been sent a notification from Nasdaq on Dec. 16, 2022, stating that its stock had closed below the minimum price for 30 consecutive trading days. The firm was expected to rectify the situation by June 12, 2023, and had been working hard to meet the requirement.
Fortunately, the firm was able to meet the requirement, as Argo’s ARBK shares maintained the required minimum bid price for ten consecutive trading days, which was fulfilled on Jan. 13, 2023. This achievement was then confirmed by Nasdaq as the firm was granted compliance from Nasdaq Listing Rules.
The news of regaining compliance could not have come at a better time for Argo Blockchain, as the firm had been facing liquidity issues and was making efforts to avoid filing for bankruptcy. With the notification of compliance, the company can now focus on expanding its mining operations and launching new products for its customers.
Apart from the news of regaining compliance, the firm has also announced a new partnership with a major British energy company, which will provide it with renewable energy resources for its mining operations. This will be a major boost to the firm as it will ensure that its mining operations are sustainable and environmentally-friendly.
All in all, it is great news for Argo Blockchain and its shareholders as the firm has managed to fulfill the minimum bid price requirement of Nasdaq, thus regaining compliance. This will be beneficial for the firm in the long run as it will enable it to access the capital markets and raise funds for its growth.
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