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Argo Blockchain Requests Trading Suspension on NASDAQ Prior to Wednesday Announcement

UK-based Bitcoin mining company Argo Blockchain has requested that the NASDAQ suspend trading for 24 hours ahead of a forward-looking statement to be made on Wednesday. Argo Blockchain is publicly traded on both the NASDAQ and the London Stock Exchange.

Argo Logo on Bitcoin miners
Argo Logo on Bitcoin miners

Argo Blockchain Announces Plans for Restructuring Without Bankruptcy

In a press release on December 12th, Argo Blockchain announced that they are in advanced negotiations with a third party to sell certain assets and finance their equipment in an effort to restructure the company without a voluntary US Chapter 11 bankruptcy filing. However, the company stated that there is "no assurance" that this restructuring will be successful.

Argo Blockchain Faces Negative Cash Flow Following Collapse of Financing Deal

In October, Argo Blockchain warned of potential negative cash flow following the collapse of a $27 million financing deal. Wednesday's announcement is expected to detail further steps the company will take to address this issue.

Other Mining Companies are Also Struggling

Argo Blockchain is one of many mining companies to face financial challenges recently. Core Scientific filed for bankruptcy in October after issuing a similar warning of potential negative cash flow.