Argo blockchain requests trading be restored on LSE, looks to raise funds
Argo said it is working to avoid filing for a Chapter 11 bankruptcy, however, "there is no assurance that it will avoid such filing."
Crypto mining firm Argo Blockchain has requested the resumption of trading for its ARB shares on the London Stock Exchange (LSE) after the UK Financial Conduct Authority suspended it.
Reports emerged on Dec. 10 that Argo Blockchain was looking to file for bankruptcy as it is facing a severe liquidity crunch. As a result, its ARB shares were suspended for trading on the London Stock Exchange and Nasdaq.
However, on Dec. 12, Argo requested that the UK Financial Conduct Authority restores the trading of its ordinary shares on the London Stock Exchange.
Argo said that although it had not filed for bankruptcy yet, it is at risk of not having sufficient cash to support its business operations over the next month.
It is looking to raise liquidity by selling some of its assets and mining equipment.
Argo added that it is working to avoid filing for a Chapter 11 bankruptcy; however, “there is no assurance that it will avoid such filing.”
In any case, Argo has engaged McDermott Will & Emery LLP as legal advisers and Berkeley Research to analyze its options in view of resolving its liquidity crisis.