Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK) shares shed more than 40% in Tuesday's opening trades after the small-cap cypto miner announced a plan to leave London, delisting from the stock exchange, whilst retaining its Nasdaq listing.
The delisting is expected to take effect on 9 December.
Argo noted that UK-based shareholders will continue to hold their rights post London-delisting, but the regulatory protections of the UK market will no longer apply.
It comes alongside a restructuring, in which Growler Mining LLC (a creditor and supplier of crypto mining equipment to Argo) will convert debt into equity, and subsequently hold 87.5% of Argo's recapitalised equity. Argo's bondholders will meanwhile own 10% of the company, and its current shareholders will retain ownership of only 2.5% of the continuing company.
Today, Argo noted that it has drawn some US$5.38 million from its US$7.5 million loan facility with Growler.
In London, Argo shares were down around 12% at 3.44p - after opening prints as low as 2.2p.