Argo blockchain stops trading its American shares amid financial woes, says announcement will come Wednesday morning
The statement comes after the company has been plagued with financial problems and faced bankruptcy rumors due to rising energy costs and falling Bitcoin prices.
On Dec. 9, Argo inadvertently shared a document with a reporter that falsely declared it to have filed for bankruptcy. In response, the London Stock Exchange and Nasdaqof its shares. The team responded by requesting that its shares resume trading, since it had not actually filed for bankruptcy. At the time, the company admitted that it was “at risk of having insufficient cash to support ongoing business operations within the next month.” However, it stated that it was still trying to avoid Chapter 11 bankruptcy.further negative attention from NASDAQ. Its shares had traded below $1 for 30 consecutive days. If the company did not get its share price to close above $1 within the next 180 days, it would be delisted from NASDAQ.
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