- Argo Blockchain ( NASDAQ: ARBK ) shares fell 38% premarket on Monday amid rising liquidity concerns .
- The cryptocurrency mining firm no longer expects its planned fundraising to be consummated under the previously announced terms. As previously disclosed, Argo ( ARBK ) signed a non-binding LOI with a strategic investor to raise ~£24M via a subscription for ordinary shares.
- While Argo ( ARBK ) is exploring other financing opportunities, there can be no assurance that any definitive agreements will be reached. If unsuccessful, Argo ( ARBK ) would become cash flow negative in the near term and would need to curtail or cease operations.
- The company has taken some measures to further maximize liquidity and preserve cash by selling 3,843 new-in-box Bitmain S19J Pro machines for cash proceeds of ~£4.8M.
- These machines are the last batch of the original Bitmain order scheduled for installation in October 2022. As a result, the company's total hashrate capacity remains at 2.5 EH/s.
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Argo Blockchain stock plunges amid rising liquidity concerns