• Argo Blockchain regained compliance with the Nasdaq Listing Rules after fulfilling the minimum bid price requirement of $1.00.
• The firm received a notification from the Nasdaq Listing Qualifications Department on January 13th, 2023.
• Nasdaq confirmed the matter to be closed after Argo achieved compliance with the minimum bid price requirement.
Argo Blockchain, a major cryptocurrency mining company, has been successful in regaining compliance with the Nasdaq Listing Rules after fulfilling the minimum bid price requirement. On January 23, 2023, the firm announced in a press release that it had received a notification from Nasdaq’s Listing Qualifications Department stating that it had regained compliance. The required minimum bid price of $1.00 per share was maintained for ten consecutive trading days, which ended on January 13, 2023.
Prior to this announcement, Argo had received a notice from Nasdaq on December 16, 2022, indicating that the company’s stock had closed below the minimum $1.00 for 30 consecutive trading days. As a result, the firm was expected to rectify the situation by June 12, 2023. In the press release, Argo stated that “If at any time before 12 June 2023, the bid price of the ADSs closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement and will consider such deficiency matters closed.”
Having fulfilled the required minimum bid price, Argo Blockchain announced that Nasdaq had confirmed the matter to be closed. The successful compliance of the firm is a welcome development, especially considering that the company had earlier faced liquidity issues and was making efforts to avoid filing for bankruptcy. In a bid to avoid such a situation, Argo had requested the UK Financial Conduct Authority (FCA) to restore trading of its ordinary shares on the London Stock Exchange.
The successful attainment of the minimum bid price requirement and subsequent closing of the matter by Nasdaq has been a great relief for the firm, allowing it to focus on its activities in the cryptocurrency mining industry. With this development, Argo Blockchain stands a better chance of becoming a successful firm in the long run.