During the bear crypto market condition, Argo Blockchain, a Bitcoin mining company, announced that the trading of its shares and unsecured notes on the stock exchange, NASDAQ, will be suspended until the 28th of December. On the 27th of December, in an announcement, Argo Blockchain said that its shares on the NASDAQ had been paused. And the mining firm also said that it is set to make a significant announcement before the start of the 28th of December.
In the upcoming announcement, Agro Blockchain, which trades on both the NASDAQ and the London Stock Exchange, will include inside information and forward-looking statements regarding its financial performance, plans and objectives of management for future operations, and its business strategy.
This latest move of suspending the trading of its shares and unsecured notes on the stock exchange from Agro Blockchain came as undertaking serious measures to restructure its operations amid an uncertain future for the sector. Several other mining firms are also doing the same job in this bear crypto market condition.
Earlier this month, in a filing, the mining company said that it was in advanced negotiations with an unnamed third party to support its ongoing business operations because it’s having insufficient cash. In the filing, the company claimed that it hoped to complete these transactions without filing for Chapter 11 Bankruptcy. These negotiations include plans to sell certain assets to a third party and undergo an equipment financing deal. Through these steps, it hopes that it will strengthen its balance sheet and enhance its liquidity.
Agro has also been attempting to raise funds because it has been badly impacted by factors, including high energy costs and falling Bitcoin prices. During this year, when market conditions have not been suitable, Agro’s stock fell by more than 95%. In June, the company began selling off its Bitcoin reserves to stand out in the bear crypto market conditions.
