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Bitcoin miner Argo regains compliance with Nasdaq minimum bid price rule

Bitcoin miner Argo regains compliance with Nasdaq minimum bid price rule


23 January 2023 14:21, UTC


Studying time: ~2 m

Amid bullish motion on cryptocurrency markets, Bitcoin (BTC) mining agency Argo Blockchain has regained inventory itemizing compliance with Nasdaq.

Argo formally introduced on Jan. 23 that the corporate regained compliance with Nasdaq’s minimal bid value rule amid the share value restoration.

The Nasdaq inventory market itemizing {qualifications} division has knowledgeable Argo that it efficiently met a requirement to keep up a minimal closing bid value of $1 for ten consecutive buying and selling days. This requirement was met on Jan. 13, with Nasdaq confirming that it considers the matter closed.

The announcement comes a couple of month after Nasdaq notified Argo on Dec. 16 that the agency wasn’t compliant with Nasdaq’s minimal bid value requirement. The problem was attributable to Argo’s frequent inventory failing to keep up the minimal bid value of $1 over the earlier 30 consecutive enterprise days, as required by Nasdaq’s itemizing guidelines.

Furthermore, monetary issues amid escalating power prices and the falling Bitcoin (BTC) costs had compelled the mining firm to droop buying and selling on Nasdaq momentarily.

Argo’s American depositary shares (ADS) began buying and selling on the Nasdaq International Choose Market below the ticker image ARBK in September 2021. Debuting at a value of $15, ARBK shares have been regularly promoting off, ultimately tumbling beneath $1 in October 2022.

Associated: Argo Blockchain sells high mining facility to Galaxy Digital for $65M

ARBK shares began recovering subsequently after Nasdaq warned the agency about turning into noncompliant in December. In accordance with knowledge from TradingView, Argo’s inventory briefly reached $1 on Dec. 30 however failed to keep up the worth. After retesting $1 on Jan. 3, ARBK inventory has continued to be buying and selling above the worth degree. On Jan. 20, the inventory closed at $1.73.

ARBK’s 30-day value chart. Supply: TradingView

Argo will not be the one publicly-listed Bitcoin mining agency that has been struggling to keep up its share costs above $1. On Dec. 15, the Canadian Bitcoin mining firm Bitfarms acquired the same warning from Nasdaq over its Bitfarms shares (BITF).

In contrast to ARBK, Bitfarms’ shares haven’t recorded sufficient development to adjust to Nasdaq’s itemizing guidelines but. After breaking above $1 on Jan. 12, BITF tumbled beneath the edge once more on Jan. 18. In accordance with Nasdaq’s necessities, Bitfarms has to have its shares buying and selling above $1 for not less than 10 days earlier than June 12, 2023.

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