Mining Firm Argo Blockchain Desperately Seeking Funds To Survive

• Argo disclosed selling part of the Bitcoin it had mined during the market downturn.
• The firm said it was back in business on the LSE as of December 12.

In an effort to avoid bankruptcy, crypto mining company Argo Blockchain has been seeking to “engage in an equipment financing transaction” and negotiate the sale of its assets, according to a company blog post.

In a press release dated December 12, Argo Blockchain stated it was in “advanced negotiations” to sell some assets because it was in danger of having insufficient finances to continue functioning within a month. The mining business suspended trading on the London Stock Exchange (LSE) and Nasdaq on December 9 due to “inadvertently published materials” about the company’s financial status, despite the fact that it had not filed for Chapter 11 bankruptcy in the United States.

On the Verge of Bankruptcy 

Argo said it was back in business on the LSE as of December 12, but the exchange had no record of this as of publishing. The mining company’s stock finished at $0.69 on the Nasdaq on December 8 and at £6.60 on the London Stock Exchange.

The mining firm stated:

“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 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.”

The mining company warned investors in October that it may go bankrupt “in the near term” if it did not get sufficient funding. Argo disclosed selling part of the Bitcoin it had mined during the market downturn.