• Argo Blockchain’s shares rose 14% on Monday after the company regained listing compliance with Nasdaq, thanks to a late December deal with Galaxy Digital to avoid bankruptcy and the recent rise in the price of Bitcoin.
• Nasdaq notified Argo that its shares did not comply with rules to be listed in the exchange because closing bid prices for its stock were below $1 for 30 consecutive days.
• Argo was given until June 12 of this year to regain its listing privileges with Nasdaq before potentially being delisted from the exchange.
Shares of bitcoin miner Argo Blockchain (ARBK) rose as much as 14% on Monday, signaling a potential return to the Nasdaq after the minimum bid for its stock surpassed $1 for the last 10 consecutive days. It marked a significant milestone for the company, which had been facing the possibility of being delisted from the exchange after Nasdaq warned it of a potential delisting in December of 2020.
The miners’ woes began when a brutal crypto winter weighed on Argo’s stock price, pushing its shares below the $1 minimum required to remain listed on Nasdaq. The miner was given until June 12 of this year to regain its listing privileges with Nasdaq before potentially being delisted from the exchange.
Argo was able to avoid potential delisting thanks to a late December deal with Galaxy Digital, which saw the company’s shares rise to $1.11. The miner also benefited from the recent rise in the price of bitcoin. The surge in the price of bitcoin has been credited with helping the miner’s fortunes, as the company’s share price is closely correlated to the price of the cryptocurrency.
The miner’s shares were also listed on the London Stock Exchange. The miner said it met the requirement to continue listing its shares on Nasdaq on Jan. 13, after bids for its shares remained above $1 for 10 consecutive days, according to a statement.
The successful listing compliance is a welcome sign for Argo shareholders, who had seen their shares tumble to as low as $0.38 on Dec. 16. Now, with the miner’s shares back above the $1 mark, it looks as if Argo may be able to avoid being delisted from the Nasdaq, at least for the time being.
The rise in Argo’s share price has been a welcome development for investors, who had been worried that the miner would be delisted from the Nasdaq. With the miner now back in compliance with the exchange, the stock may be able to maintain its upward trajectory.
For now, it appears as if Argo has managed to turn around its fortunes and is back on track to continue to trade on the Nasdaq. This is good news for investors, who will now be able to continue to trade the miner’s stock on the exchange.