Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK) shares fell 9% at 2p on Friday and are down 58% over the past month after the company said it had secured court approval to move ahead with its restructuring process.
The High Court in London has given the cryptocurrency miner permission to convene three meetings on 2 December, for shareholders, noteholders, and its secured lender, Growler Mining Tuscaloosa, to vote on its proposed restructuring plan under Part 26A of the Companies Act.
A further sanction hearing is set for 8 December, after which the plan could be implemented if approved. Argo has also called a general meeting for the same day.
The restructuring aims to stabilise the company’s finances following a prolonged slump in crypto prices and rising debt costs.