Argo Blockchain regains stock listing compliance with Nasdaq
Terrill Dicki Jan 24, 2023 12:16
Nasdaq relisted bitcoin mining company Argo. Nasdaq's listing standards demand a minimum closing bid price of $1 for 30 consecutive working days, which the firm did not meet. After Nasdaq notified ARBK about noncompliance in December, shares recovered.
The Bitcoin (BTC) mining company Argo Blockchain has regained stock listing compliance with Nasdaq, which coincides with the recent positive movement seen on cryptocurrency markets.
Amidst the recent uptick in share price, Argo made the formal announcement on January 23 that the firm had once again achieved compliance with the minimum bid price guideline imposed by Nasdaq. Argo has been advised by the Nasdaq stock market listing requirements department that it has successfully satisfied a criteria to maintain a minimum closing bid price of $1 for ten consecutive trading days in order to be eligible for listing on the Nasdaq stock market.
On January 13, this criteria was satisfied, and Nasdaq subsequently confirmed that it believes the situation to be resolved.
After notifying Argo on December 16 that the company was not in compliance with Nasdaq's minimum bid price standard, Nasdaq has now made this notice approximately a month and a half later.
The problem arose as a result of the fact that Argo's common stock had not been able to maintain its minimum bid price of $1 during the prior thirty consecutive business days, as is required by the listing regulations of the Nasdaq.
Trading on the Nasdaq was temporarily halted because the cryptocurrency mining firm was experiencing financial difficulties as a result of declining Bitcoin (BTC) prices in addition to rising energy expenses.
In September 2021, trading of American depositary shares (ADS) issued by Argo began on the Nasdaq Global Select Market under the ticker code ARBK.
After opening at a price of $15, ARBK shares have been continuously decreasing in price, and by October 2022, they will have fallen to a price lower than $1.
After receiving a warning from Nasdaq in December that the company was on the verge of becoming noncompliant, ARBK shares eventually began to rebound.
According to information provided by TradingView, the price of Argo's shares hit $1 for a short period of time on December 30, but it was unable to sustain that price.
After making another attempt at the price level on January 3, ARBK stock has kept trading higher than it was before.
At the end of trading on January 20th, the share price was $1.73.
Argo is not the only publicly traded Bitcoin mining company that has been fighting a losing battle to keep its share values at or above $1.
The Bitcoin mining business Bitfarms, which is based in Canada, was issued a similar warning by Nasdaq on December 15 about its Bitfarms shares (BITF).
In contrast to ARBK, shares of Bitfarms have not yet shown sufficient growth to satisfy the requirements of the Nasdaq for listing.
After reaching beyond $1 for the first time on January 12, BITF fell back below the barrier for the second time on January 18.
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