Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK) shares were down 11% in Friday morning's trading after it announced details for the upcoming conversion of ordinary shares into American Depositary Shares as part of its proposed restructuring plan.
The company said that it plans also to delist from the London Stock Exchange, with a matched bargain facility expected to be retained for six months, whilst holders will be given the option to move into ADSs traded on Nasdaq.
The company noted that ADS conversions completed before the restructuring will reflect the current ratio of one ADS for ten ordinary shares.
After implementation, the ratio will change to one ADS for two thousand one hundred and sixty ordinary shares to help Argo regain compliance with Nasdaq listing requirements.
It noted that shareholders converting post-implementation may receive fractional entitlements that will be aggregated and sold, with proceeds distributed on a pro rata basis.
In London on Friday, Argo shares were down 11% changing hands at around 1.5p, having seen as low as 1.3p in opening transactions.