BTC extractive company Argo blockchain has long stopped trading in Nasdaq American foil stocks (ADS), according to a news release on Dec. 27. The company said it needed to suspend trading because of an announcement on Wednesday morning and the closure of the London Stock Exchange on Tuesday. Argo said it expects Nasdaq shares to repair trading on Wednesday.
Previously, the company has been plagued by fiscal and tax problems and faced with rumors of bankruptcy because of rising electricity and energy costs and a fall in the bitcoin market.
On December 9th Argo inadvertently shared a document with a journalist that falsely claimed it had declared bankruptcy. In response, the London Stock Exchange and Nasdaq stopped trading in their shares. The elite team responded by asking the stock to repair the deal at the same time, because he did not actually declare bankruptcy.
At that time, the company recognized that it was "facing the risk of not having a certain amount of cash to apply to continuous business operations within the next month". However, the company shows that it is still diligent in preventing bankruptcy protection.
On December 16th the company announced that it faced further negative concerns from Nasdaq. The company's stock price has been less than $1 for 30 consecutive days. If the company's stock price does not close above $1 within the next 180 days, it will be delisted from the Nasdaq.
The new stock suspension on December 27th was not initiated by the stock exchange. In turn, Argo has its own rules to suspend trading in its shares. The elite team is expected to announce the news by 8 a.m. on December 28. The London Stock Exchange opened at the time of World Coordination.
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