REG - Argo Blockchain PLC - Financial Update and Listing Suspension Request

Argo BlockchainAnnouncement

Yesterday 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250430:nRSd7198Ga&default-theme=true

RNS Number : 7198G  Argo Blockchain PLC  30 April 2025

Press Release

30 April 2025

 

Argo Blockchain plc
("Argo" or "the Company")

SEC Comment Letter Cleared

Publication Delay of Annual Financial Report to on or around 9 May 2025

 2024 Preliminary Unaudited Financial Highlights

Argo Blockchain plc announces that there will be a delay to the publication of
its annual financial report for the year ended 31 December 2024 (2024
Financial Statements).

In accordance with the UK Listing Rules and the Disclosure Guidance and
Transparency Rules, the Company is required to publish the 2024 Financial
Statements by 30 April 2025. The Company's auditor, PKF Littlejohn LLP, has
advised the Company that, while the audit process is near completion, it will
not be finalised by the deadline.

The delay is due to management time and auditor resources being directed
toward the restatement of the Company's annual report on Form 20-F for the
year ended 31 December 2023 (2023 20-F).  The restatement was filed in
response to a comment letter received from the Securities and Exchange
Commission (SEC) in connection with the SEC's review of the 2023 20-F to
clarify the accounting treatment of the Company's digital assets. The
restatement had to be completed prior to the finalisation of the 2024
Financial Statements.The Company filed its restated accounts with the SEC on
22 April 2025 and the SEC completed their review on 25 April 2025. The result
of the restatement of the 2023 20-F was a decrease to the net loss in 2023 and
2022 and a decrease to net income in 2021. There was a reclassification of
cash flows between operating activities and investing activities. There was no
change to revenue or cash in any of the periods reported.

As a result of this delay, the Company has, in accordance with the UK Listing
Rules, requested a temporary suspension of the listing of its ordinary shares
from the Official List of the FCA and from trading on the Main Market of the
London Stock Exchange with effect from 7:30 a.m. on 1 May 2025, pending
publication of the 2024 Financial Statements.

The Company is working diligently with its auditors, PKF Littlejohn LLP, to
complete the audit of the 2024 Financial Statements and expects to publish
them on or around 9 May 2025. The Company will request a restoration of the
listing of and trading in its ordinary shares following the publication of the
2024 Financial Statements.

In the meantime, the Company is providing the following unaudited preliminary
financial highlights for the year ended 31 December 2024 with 31 December 2023
comparative:

                                    2024         2023
                                    ($millions)  ($millions)
                                    (unaudited)  (unaudited)
 Total revenue:                     $47.0        $50.6
 Net loss:                          ($54.4)      ($34.6)
 Adjusted EBITDA                    $5.6         $7.7
 Cash balance at 31 December 2024:  $8.6         $7.4

These preliminary results are unaudited and subject to change based on the
completion of the full year-end audit process.

This announcement contains inside information.

For further information please contact:

 Argo Blockchain
 Investor Relations                  ir@argoblockchain.com (mailto:ir@argoblockchain.com)
 Tennyson Securities
 Corporate Broker                    +44 207 186 9030

 Peter Krens
 Fortified Securities
 Joint Broker                        +44 7493 989014

 Guy Wheatley, CFA                   guy.wheatley@fortifiedsecurities.com
 Tancredi Intelligent Communication   argoblock@tancredigroup.com

 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
(http://www.argoblockchain.com/) www.argoblockchain.com
(http://www.argoblockchain.com/) .

 

Forward looking statements

 

This announcement contains "forward-looking statements," which can be
identified by words like "may," "will," "likely," "should," "expect,"
"anticipate," "future," "plan," "believe," "intend," "goal," "seek,"
"estimate," "project," "continue" and similar expressions. Forward-looking
statements are neither historical facts nor assurances of future performance.
Instead, they are based only on the Company's current beliefs, expectations
and assumptions regarding the future of its business, future plans and
strategies, projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict and many of which are outside of the Company's
control. The information in this announcement about future plans and
objectives of the Company are forward-looking statements. The Company's actual
results and financial condition may differ materially from those indicated in
the forward-looking statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause the Company's
actual results and financial condition to differ materially from those
indicated in the forward-looking statements include, market and other
conditions, the principal risks and uncertainties listed in the risk factors
set forth in our Annual Report and Financial Statements and restated Form 20-F
for the year ended 31 December 2023, and our Interim Report as of 30 September
2024.

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDBGDSRBDDGUC