Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) has told investors it is back in compliance with Nasdaq's minimum bid price rule.
The crypto miner, in a statement, said it had received a letter from the listing qualifications department of The Nasdaq Stock Market informing the company that it has regained compliance with Nasdaq Listing Rules, and, it now considers the matter closed.
As previously announced by the company, in December, the company’s shares had not maintained the minimum bid price of $1.00 over the previous thirty consecutive business days, as required by the listing rules.
Subsequently, it had to maintain a minimum closing bid price of US$1.00 for ten consecutive trading days and it did so by 13 January 2023.
Argo earlier this month, meanwhile, reported it had mined 147 bitcoin (BTC) or bitcoin equivalents in December compared to 198 in the prior month, with the month-on-month reduction due to the curtailment of mining operations at the Helios facility in Texas in response to a winter storm that impacted much of the US.
As of the end of 2022, Argo held 141 BTC, of which 116 were BTC equivalents, and total company hashrate remained at 2.5 EH/s.
Based on daily foreign exchange rates and cryptocurrency prices during the month, mining revenue in December amounted to US$2.49mln (£2.07mln based on exchange rates at the time) with an income margin of 48%).
The company has closed on a series of agreements with Galaxy Digital Holdings to sell its Helios facility for US$65mln, refinance existing equipment financing loans with a new US$35mln asset-backed loan from Galaxy, and host Argo's mining machines at Helios.