Argo Blockchain PLC Announces Block Listing Application
Rhea-AI Summary
Argo Blockchain plc, a global cryptocurrency mining leader (LSE:ARB)(NASDAQ:ARBK), has applied for a block listing of 31,406,429 ordinary shares with the Financial Conduct Authority and London Stock Exchange. This is related to a warrant granted to an investor from the company's July 30, 2024 fundraising. The Block Listing Shares are expected to be admitted to trading on August 16, 2024. These shares represent the remaining balance of Argo's exemption from issuing a prospectus under Prospectus Regulation Rules. The company plans to apply for an additional block listing of 26,393,571 ordinary shares in January 2025. When issued, the new shares will have equal ranking with existing ordinary shares.
Positive
- Application for block listing of 31,406,429 ordinary shares, potentially increasing liquidity
- Planned additional block listing of 26,393,571 ordinary shares in January 2025, indicating future growth plans
Negative
- Potential dilution of existing shareholders' ownership due to new share issuance
News Market Reaction 1 Alert
On the day this news was published, ARBK gained 1.65%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
LONDON, UNITED KINGDOM / ACCESSWIRE / August 15, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), announces that, in connection with the warrant granted to the investor in the Company's fundraising announced on 30 July 2024 ("Warrant"), applications have been made to the Financial Conduct Authority and London Stock Exchange for the block listing of 31,406,429 ordinary shares of £0.001 each in the capital of the Company ("Block Listing Shares") to be admitted to the Official List and to trading on the London Stock Exchange's Main Market ("Admission").
The Block Listing Shares are being reserved under a block listing. The Block Listing Shares represent the remaining balance of the Company's exemption from the issuance of a prospectus under the Prospectus Regulation Rules. The Company intends to make an application for an additional block listing in respect of the remaining 26,393,571 ordinary shares under the Warrant in January 2025, when further headroom becomes available. When issued, the Block Listing Shares will rank pari passu with the existing issued ordinary shares of the Company.
Admission is expected to become effective at 8:00 am on Friday 16 August 2024.
For further information please contact:
Argo Blockchain |
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Investor Relations | |
Tennyson Securities |
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Corporate Broker Peter Krens | +44 207 186 9030 |
Fortified Securities |
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Joint Broker Guy Wheatley, CFA | +44 74930989014 |
Tancredi Intelligent Communication UK & Europe Media Relations |
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining operations in Quebec and Texas, and offices in the US, Canada, and the UK, Argo's global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord. For more information, visit www.argoblockchain.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Argo Blockchain PLC
View the original press release on accesswire.com
FAQ
How many shares is Argo Blockchain (ARBK) applying to block list in August 2024?
When is the expected admission date for Argo Blockchain's (ARBK) block listed shares?
What is Argo Blockchain's (ARBK) plan for additional block listing in January 2025?
What is the purpose of Argo Blockchain's (ARBK) block listing application?
