Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK) shares fell 13% after the struggling crypto miner warned that talks over its proposed recapitalisation plan remain incomplete, leaving its future uncertain.
The London- and Nasdaq-listed company is still negotiating terms of a senior secured loan with Growler Mining, which is central to its survival plan.
The loan has yet to be signed or funded. Argo said the first High Court hearing on the restructuring is expected in late October, with a potential sanction in December.
Under the current outline, Growler would take at least 80% of the company following a conversion of its loan and injection of assets, while bondholders would receive equity in exchange for debt. Existing shareholders would retain their stock but face heavy dilution.
Argo also confirmed it missed a July interest payment on its bonds, with the grace period expiring on 30 August, underscoring the pressure on its finances.
The shares fell 0.24p to 1.62p.