Argo Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

Argo Blockchain (LSE:ARB)(NASDAQ:ARBK) has received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement, as its American Depositary Shares (ADS) traded below $1.00 for 30 consecutive business days.

The company has until July 15, 2025, to regain compliance with this requirement. Compliance can be achieved if the ADS bid price closes at or above $1.00 for a minimum of 10 consecutive business days before the deadline. During this period, Argo's ADSs will continue trading on the Nasdaq Global Select Market.

The notification does not affect Argo's business operations or its listing on the London Stock Exchange. The company will monitor its ADS bid price and evaluate options to resolve the deficiency and regain compliance with Nasdaq Rule 5450(a)(1).

Positive

• Company maintains its listing on both Nasdaq and London Stock Exchange during compliance period
• Extended compliance period until July 15, 2025 to resolve the issue
• Only needs 10 consecutive days above $1.00 to regain compliance

Negative

• Stock trading below $1.00 for 30 consecutive business days
• Risk of potential delisting from Nasdaq if compliance is not achieved by deadline
• Indicates significant decline in share value

News Market Reaction

-4.01%

1 alert

-4.01% News Effect

On the day this news was published, ARBK declined 4.01%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

LONDON, UNITED KINGDOM / ACCESS Newswire / January 17, 2025 / Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK), announces today that it has received written notification (the "Notification Letter") from the Nasdaq Stock Market LLC Listing Qualifications Department ("Nasdaq") that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rule 5450(a)(1) since the closing bid price for the Company's American Depositary Shares ("ADS") listed on the Nasdaq Global Select Market was below $1.00 for 30 consecutive business days.

In accordance with Listing Rule 5810(c)(3)(A), the Company has until 15 July 2025, to regain compliance with the minimum bid price requirement, during which time the ADSs are expected to continue to trade on the Nasdaq Global Select Market. If at any time before 15 July 2025, the bid price of the ADSs closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement and will consider such deficiency matters closed.

The Notification Letter does not affect the Company's business operations, and it does not affect the Company's listing on the London Stock Exchange.

The Company intends to monitor the bid price of its ADSs between now and 15 July 2025, and to evaluate all available options to resolve the deficiency and regain compliance with Nasdaq Rule 5450(a)(1).

This announcement contains inside information.

For further information please contact:

Argo Blockchain
Investor Relations	ir@argoblockchain.com
Tennyson Securities
Corporate Broker Peter Krens	+44 207 186 9030
Fortified Securities
Joint Broker Guy Wheatley, CFA	+44 7493 989014 guy.wheatley@fortifiedsecurities.com
Tancredi Intelligent Communication UK & Europe Media Relations	argoblock@tancredigroup.com

About Argo:

Argo Blockchain plc is a dual-listed (LSE:ARB)(NASDAQ:ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With a mining facility in Quebec 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 ACCESS Newswire

FAQ

What is the deadline for ARBK to regain Nasdaq compliance?

Argo Blockchain (ARBK) has until July 15, 2025, to regain compliance with Nasdaq's minimum bid price requirement.

How can ARBK regain Nasdaq compliance?

ARBK can regain compliance if its ADS bid price closes at or above $1.00 per share for a minimum of 10 consecutive business days before July 15, 2025.

Will ARBK continue trading on Nasdaq during the compliance period?

Yes, ARBK's ADSs will continue trading on the Nasdaq Global Select Market during the compliance period.

Does the Nasdaq notification affect ARBK's London Stock Exchange listing?

No, the Nasdaq notification does not affect Argo Blockchain's listing on the London Stock Exchange.

Why did ARBK receive a Nasdaq deficiency notice?

ARBK received the notice because its closing bid price was below $1.00 for 30 consecutive business days, violating Nasdaq Rule 5450(a)(1).