ARBKF - Argo Blockchain provides update on liquidity in advanced talks to sell certain assets

• Argo Blockchain ( OTCQX:ARBKF ) said Monday it is at risk of having insufficient cash to support ongoing operations within the next month.
• The cryptocurrency miner is in advanced talks with a third party to sell certain assets and engage in an equipment financing deal that it expects will strengthen its balance sheet and improve liquidity.
• Argo ( OTCQX:ARBKF ) hopes it will be able to close the deal outside of a voluntary Chapter 11 bankruptcy filing in the U.S. However, there is no assurance it can avoid such a filing.
• Argo ( OTCQX:ARBKF ) said as part of this process, certain draft materials were inadvertently published on its website, which implied that it was filing for Chapter 11 bankruptcy.
• This led to the suspension of trading of its stock on the London Stock Exchange and Nasdaq on December 9.
• The firm clarified that it has not filed for bankruptcy at this time.
• Argo ( OTCQX:ARBKF ) requested the U.K. Financial Conduct Authority to restore the listing of its shares, which is expected as soon as practicable.
• The company earlier said it did not expect to close its planned fundraising, which led to multiple downgrades on account of cash flow and broader industry headwinds .

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