Bitcoin miner Argo Blockchain suspends Nasdaq trading pending announcement

Quick Take

  • Argo Blockchain asked to suspend trading on Nasdaq as it prepares to make an announcement Wednesday.
  • The miner said two weeks ago that it was in “advanced negotiations with a third party” to sell certain assets in an effort to avoid filing for bankruptcy.

Bitcoin miner Argo Blockchain requested that trading be temporarily suspended on Nasdaq pending an announcement by Wednesday's open.

Trading is expected to resume on Wednesday, it said in a statement.

The UK-based company is also listed on the London Stock Exchange, which is closed Tuesday and where trading was temporarily suspended earlier this month after the company accidentally published draft materials on its website saying that it was voluntarily filing for Chapter 11 bankruptcy protection in the U.S.

Instead, the miner said that it was in "advanced negotiations with a third party" to sell certain assets and secure equipment financing.

"The company is hopeful that it will be able to consummate the transaction outside of a voluntary Chapter 11 bankruptcy filing in the United States, although there is no assurance that the company can avoid such a filing," it said 0n Dec. 12.

Argo warned in October that it would become cashflow negative if it failed to raise money after a financing deal fell through. In that scenario it would also have to cease operations, the company said at the time.

Rival Core Scientific filed for Chapter 11 bankruptcy last week.

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