• Argo Blockchain has regained compliance with Nasdaq Listing Rules, after fulfilling the minimum bid price required by Nasdaq.
• Argo received notice of compliance after its ARBK shares maintained the required minimum bid price of $1.00 for ten consecutive trading days.
• Nasdaq has confirmed that the matter is now closed.
Argo Blockchain, a major cryptocurrency mining company, has regained compliance with the Nasdaq Listing Rules after successfully meeting the minimum bid price requirement set by Nasdaq. On January 23, 2023, Argo Blockchain announced in a press release that they had received a notification from Nasdaq’s Listing Qualifications Department confirming that the firm had regained compliance with the listing rule set by the American stock exchange giant.
The company regained compliance after its ARBK shares maintained the required minimum bid price of $1.00 for ten consecutive trading days. This requirement was fulfilled on January 13, 2023. Prior to this, the firm had received a notice from Nasdaq on December 16, 2022, stating that their stock had closed below the minimum $1.00 for 30 consecutive trading days. Argo was expected to rectify the situation by June 12, 2023, and they have now successfully met this requirement.
Having fulfilled the required criteria, Nasdaq has now confirmed that the matter is now closed. This is a major success for Argo Blockchain, who were facing liquidity issues and were making efforts to avoid filing for bankruptcy. The firm had asked the UK Financial Conduct Authority (FCA) to restore trading of its ordinary shares on the London Stock Exchange in May, 2021.
This successful bid price compliance is a major milestone for Argo Blockchain, allowing the firm to continue its operations, and potentially allowing them to be listed on the Nasdaq exchange. The firm has been making significant progress in the cryptocurrency industry, and this latest achievement will be a testament to their success.