Argo Blockchain Skyrockets 400% After Reclaiming Nasdaq Listing Compliance

• Argo Blockchain, a U.K.-based Bitcoin mining company, has seen its shares surge 400% since December 16 after gaining listing compliance with Nasdaq.
• The miner was on the verge of bankruptcy in December due to rising energy costs and the crypto winter, but was saved by a $65 million sale of its Helios mining facility to Galaxy Digital and a $35 million loan.
• Nasdaq notified Argo that its shares did not comply with exchange rules because closing bid prices for its stock were below $1 for 30 consecutive days, and gave the miner a deadline of 12 June to reclaim its listing privileges.

Argo Blockchain, a U.K.-based Bitcoin mining company, has seen its shares surge 400% since December 16 after gaining listing compliance with Nasdaq. The miner’s stock has risen from 0.38 to 2.03 over the course of the past few months, a significant recovery from its dire situation in December.

The crypto winter and the rise in energy costs had put the miner on the brink of bankruptcy. In order to save the company, a deal was made with Galaxy Digital to sell its Helios mining facility in Texas for $65 million and a $35 million loan. This transaction enabled Argo to bolster its balance sheet and avoid bankruptcy, as the miner had been unable to secure $27 million in funding back in October.

However, the company still faced a challenge when Nasdaq notified Argo that its shares did not comply with exchange rules due to closing bid prices for its stock being below $1 for 30 consecutive days. This led to Nasdaq giving the miner a deadline of 12 June to reclaim its listing privileges, or else risk being delisted from the exchange.

Nevertheless, Argo was able to meet the requirement and continue listing its shares on Nasdaq after bids for its shares remained above $1 for 10 consecutive days. This development, along with the transaction with Galaxy Digital, has enabled the miner to recover significantly and further expand its operations.