REG - Argo Blockchain PLC - Restoration of Trading on the LSE

Argo BlockchainAnnouncement

12/12/2022 18:00

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RNS Number : 4460J  Argo Blockchain PLC  12 December 2022

Press Release

12 December 2022

Argo Blockchain plc

("Argo" or "the Company")

Restoration of Trading on the London Stock Exchange

Argo Blockchain plc, a global leader in cryptocurrency mining (LSE: ARB;
Nasdaq: ARBK), makes the following announcement:

The Company is at risk of having insufficient cash to support ongoing business
operations within the next month. The Company is in advanced negotiations with
a third party to sell certain assets and engage in an equipment financing
transaction that the Company believes will strengthen its balance sheet and
improve its liquidity. The Company is hopeful that it will be able to
consummate the transaction outside of a voluntary Chapter 11 bankruptcy filing
in the United States, although there is no assurance that the Company can
avoid such a filing. The Company engaged McDermott Will & Emery LLP as
legal advisers, Berkeley Research Group, LLC as financial advisers, and Stifel
GMP and its affiliate, Miller Buckfire & Co., LLC, as investment bankers,
to assist the Company with analysing these strategic options.

 

As part of this process, certain draft materials were inadvertently published
as a test page on the Company's website. The inadvertently published
materials, which implied that the Company was filing for Chapter 11
bankruptcy, led to the suspension of trading of the Company's securities on
the London Stock Exchange and Nasdaq on Friday, 9 December 2022. Shareholders
should note that the Company has not filed for bankruptcy at this time.

 

The Company has requested that the UK Financial Conduct Authority restore the
listing of its ordinary shares and that is expected to happen as soon as
practicable.

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 completed on anticipated terms or
at all;  the Company's insufficient cash may require it to file for
bankruptcy in the future; 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

 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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