• Argo Blockchain has regained compliance with the Nasdaq Listing Rules after fulfilling the minimum bid price requirement of $1.00 for ten consecutive trading days.
• The firm received a notice from Nasdaq on December 16, 2022, stating that the company’s stock closed below the minimum $1.00 for 30 consecutive trading days.
• Nasdaq has now confirmed to have closed the matter after Argo fulfilled the requirement.
Argo Blockchain, a major cryptocurrency mining company, has recently achieved compliance with Nasdaq’s Listing Rules after fulfilling the minimum bid price requirement of $1.00 for ten consecutive trading days. The firm had earlier received a notice from Nasdaq on December 16, 2022, stating that the company’s stock closed below the minimum $1.00 for 30 consecutive trading days. As a result, Argo was expected to rectify the situation by June 12, 2023.
On January 23, 2023, Argo Blockchain announced that the firm got a notification from Nasdaq’s Listing Qualifications Department stating that the crypto miner regained compliance with the listing rule of the American stock exchange giant. The company was able to fulfill the requirement by January 13, 2023 and has now received confirmation from Nasdaq that the matter has been closed.
This is a major achievement for Argo Blockchain, as the firm had been facing liquidity issues and was making efforts to avoid filing for bankruptcy. The successful fulfillment of the minimum bid price requirement will provide much-needed reassurance to the company and its investors that Argo Blockchain is back on track.
It is worth noting that while the compliance with Nasdaq’s Listing Rules is a major step forward for Argo Blockchain, the crypto miner is not out of the woods yet. The firm still needs to ensure that it can remain compliant with the other listing requirements, such as the maintenance of a minimum market capitalization of $35 million and a minimum stockholders’ equity of $2.5 million.
In the meantime, Argo Blockchain and its investors can take some comfort in the fact that the firm has at least managed to fulfill the minimum bid price requirement, which was seen as the most pressing issue. This is a significant achievement for the firm and will hopefully help to restore confidence in the company’s future.