REG - Argo Blockchain PLC - Nasdaq Notification - Minimum Bid Price Deficiency

Argo BlockchainAnnouncement

16/12/2022 07:00

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RNS Number : 9058J  Argo Blockchain PLC  16 December 2022

Press Release

16 December 2022

Argo Blockchain plc

("Argo" or "the Company")

Argo Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

Argo Blockchain plc, a global leader in cryptocurrency mining (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 12 June
2023, 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 12 June 2023, 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.
Furthermore, the Notification Letter does not affect the ongoing negotiations
with a third party regarding an asset sale and equipment financing transaction
that were disclosed on 12 December 2022.

The Company intends to monitor the bid price of its ADSs between now and 12
June 2023, and to evaluate all available options to resolve the deficiency and
regain compliance with Nasdaq Rule 5450(a)(1).

Inside Information and Forward-Looking Statements

This announcement contains inside information and includes forward-looking
statements which reflect the Company's or, as appropriate, the Directors'
current views, interpretations, beliefs or expectations with respect to the
Company's financial performance, business strategy and plans and objectives of
management for future operations. These statements include forward-looking
statements both with respect to the Company and the sector and industry in
which the Company operates. Statements which include the words "remains
confident", "expects", "intends", "plans", "believes", "projects",
"anticipates", "will", "targets", "aims", "may", "would", "could", "continue",
"estimate", "future", "opportunity", "potential" or, in each case, their
negatives, and similar statements of a future or forward-looking nature
identify forward-looking statements. All forward-looking statements address
matters that involve risks and uncertainties because they relate to events
that may or may not occur in the future, including the following risks among
others: the contemplated transaction may not complete on the anticipated terms
or at all;  the Company's insufficient cash may require it to file for
bankruptcy in the future; the ability of the Company to comply with Nasdaq
listing standards and remain listed on the Nasdaq Global Select Market; and,
in the event that the Company is required to file for bankruptcy, the Company
may be unable to emerge from bankruptcy as a going concern,; and, the
Company's inability to secure sufficient additional financing to meet its
operating needs. Forward-looking statements are not guarantees of future
performance. Accordingly, there are or will be important factors that could
cause the Company's actual results, prospects and performance to differ
materially from those indicated in these statements. In addition, even if the
Company's actual results, prospects and performance are consistent with the
forward-looking statements contained in this document, those results may not
be indicative of results in subsequent periods. These forward-looking
statements speak only as of the date of this announcement. Subject to any
obligations under the Prospectus Regulation Rules, the Market Abuse
Regulation, the Listing Rules and the Disclosure and Transparency Rules and
except as required by the FCA, the London Stock Exchange, the City Code or
applicable law and regulations, the Company undertakes no obligation publicly
to update or review any forward-looking statement, whether as a result of new
information, future developments or otherwise. For a more complete discussion
of factors that could cause our actual results to differ from those described
in this announcement, please refer to the filings that Company makes from time
to time with the United States Securities and Exchange Commission and the
United Kingdom Financial Conduct Authority, including the section entitled
"Risk Factors" in the Company's Registration Statement on Form F-1.

For further information please contact:

 

 Argo Blockchain
 Peter Wall                           ir@argoblockchain.com

 Chief Executive
 finnCap Ltd
 Corporate Finance                   +44 207 220 0500

 Jonny Franklin-Adams

 Seamus Fricker

 Joint Corporate Broker

 Sunila de Silva
 Tennyson Securities
 Joint Corporate Broker              +44 207 186 9030

 Peter Krens
 Tancredi Intelligent Communication

 UK & Europe Media Relations
 Salamander Davoudi

 Emma Valgimigli

 Fabio Galloni-Roversi Monaco

 Nasser Al-Sayed

 argoblock@tancredigroup.com

 

About Argo:

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain
technology company focused on large-scale cryptocurrency mining. With its
flagship mining facility in Texas, 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. Argo also participates
in several Web 3.0, DeFi and GameFi projects through its Argo Labs division,
further contributing to its business operations, as well as the development of
the cryptocurrency markets. For more information, visit
(http://www.argoblockchain.com/) www.argoblockchain.com
(http://www.argoblockchain.com/) .

 

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