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On 17 January 2025, Argo Blockchain plc received written notification from the Nasdaq Stock Market LLC Listing Qualifications Department regarding non-compliance with the minimum bid price requirement. This was due to the closing bid price for the Company's American Depositary Shares being below $1.00 for 30 consecutive business days. Argo has until 15 July 2025, to regain compliance, which requires the ADSs' bid price to close at or above $1.00 for a minimum of 10 consecutive business days.
| Date | 17 Jan 2025 |
| Time | 07:00:03 |
| Category | Corporate updates |
| ID | 6717T |
Press Release
17 January 2025
Argo Blockchain plc
("Argo" or "the Company")
Argo Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK), announces today that it has received written notification (the "Notification Letter") from the Nasdaq Stock Market LLC Listing Qualifications Department ("Nasdaq") that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rule 5450(a)(1) since the closing bid price for the Company's American Depositary Shares ("ADS") listed on the Nasdaq Global Select Market was below $1.00 for 30 consecutive business days.
In accordance with Listing Rule 5810(c)(3)(A), the Company has until 15 July 2025, to regain compliance with the minimum bid price requirement, during which time the ADSs are expected to continue to trade on the Nasdaq Global Select Market. If at any time before 15 July 2025, the bid price of the ADSs closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement and will consider such deficiency matters closed.
The Notification Letter does not affect the Company's business operations, and it does not affect the Company's listing on the London Stock Exchange.
The Company intends to monitor the bid price of its ADSs between now and 15 July 2025, and to evaluate all available options to resolve the deficiency and regain compliance with Nasdaq Rule 5450(a)(1).
This announcement contains inside information.
For further information please contact:
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Argo Blockchain |
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Investor Relations |
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Tennyson Securities |
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Corporate Broker Peter Krens |
+44 207 186 9030 |
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Fortified Securities |
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Joint Broker Guy Wheatley, CFA |
+44 7493 989014 |
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Tancredi Intelligent Communication UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With a mining facility in Quebec and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.