• Argo Blockchain’s (ARBK) shares rose 14% on Monday after regaining Nasdaq listing compliance.
• The company was able to avoid bankruptcy in late December with a deal with Galaxy Digital.
• The miner met the requirement to remain listed on Nasdaq after bids for its shares remained above $1 for 10 consecutive days.
Argo Blockchain, the cryptocurrency mining company, has seen a surge in its stock price after regaining listing compliance with Nasdaq. The miner was able to avoid bankruptcy in late December with a deal with Galaxy Digital.
The miner, whose shares are also listed on the London Stock Exchange, 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. This announcement led to a jump of 14% in its share price.
In December, the miner’s stock price had plummeted to as low as $0.38, partly due to the crypto winter which weighed on the price of Bitcoin. This prompted Nasdaq to notify Argo that its shares didn’t comply with rules to be listed in the exchange because closing bid prices for its stock were below $1 for 30 consecutive days. The company was given until June 12 this year to regain its listing privileges with Nasdaq before potentially being delisted from the exchange.
To help make up for the lack of funds, Argo Blockchain entered into a deal with Galaxy Digital, under which the latter purchased a portion of the miner’s stock for $2.5 million. This helped the miner stay afloat and regain compliance with Nasdaq.
Since then, Argo Blockchain has been able to maintain its stock price over the $1 threshold, and the miner was able to regain compliance with Nasdaq. This has been a major boon for the miner, as it now has access to a larger pool of investors, which will help the company expand its operations.
The surge in Argo Blockchain’s stock price is also a positive sign for the cryptocurrency industry, as it indicates that investors are still interested in the sector despite the market downturn. This could be a sign that the crypto winter is slowly thawing and that the sector is slowly regaining its footing.
Overall, Argo Blockchain’s success in regaining its Nasdaq listing is a welcome development for the cryptocurrency industry. The miner’s stock price surge is a sign of renewed investor confidence in the sector, which could be a sign of better times ahead.