Argo blockchain requests trading be restored on LSE, looks to raise funds
crypto mining company Algo Blockchain requested the resumption of trading of ARB shares on the London Stock Exchange (LSE) after the UK Financial Conduct Authority suspended the trading of ARB shares.
On December 10th, it was reported that Argo Blockchain is considering filing for bankruptcy as it faces a severe liquidity crisis. As a result, his ARB shares in the company were suspended from trading on the London Stock Exchange and Nasdaq.
However, on December 12, Argo requested The UK Financial Conduct Authority to resume trading of ordinary shares on the London Stock Exchange.
Argo has not yet filed for bankruptcy, but said it risks not having enough cash to keep the business running next month.
We are looking to increase liquidity by selling some of our assets and mining equipment.
Argo added that it is working to avoid filing for Chapter 11 bankruptcy. However, “there is no guarantee that we will avoid such submissions.”
In any event, Argo hired McDermott Will & Emery LLP as legal counsel and Berkeley Research to analyze its options for resolving the liquidity crisis.
