Bitcoin miner Argo gains back compliance with Nasdaq minimum quote cost guideline
In the middle of bullish action on cryptocurrency markets, Bitcoin (BTC) mining company Argo Blockchain has actually gained back stock listing compliance with Nasdaq.
Argo formally revealed on Jan. 23 that the business gained back compliance with Nasdaq’s minimum quote cost guideline amidst the share cost healing.
The Nasdaq stock exchange listing credentials department has actually notified Argo that it effectively fulfilled a requirement to preserve a minimum closing quote cost of $1 for 10 successive trading days. This requirement was fulfilled on Jan. 13, with Nasdaq verifying that it thinks about the matter closed.
The statement happens a month after Nasdaq informed Argo on Dec. 16 that the company wasn’t certified with Nasdaq’s minimum quote cost requirement. The problem was because of Argo’s typical stock stopping working to preserve the minimum quote cost of $1 over the previous 30 successive service days, as needed by Nasdaq’s listing guidelines.
Furthermore, monetary issues amidst intensifying energy expenses and the falling Bitcoin (BTC) rates had actually required the mining business to suspend trading on Nasdaq for a little while.
Argo’s American depositary shares (ADS) began trading on the Nasdaq Global Select Market under the ticker sign ARBK in September 2021. Debuting at a cost of $15, ARBK shares have actually been slowly selling, ultimately toppling listed below $1 in October 2022.
Related: Argo Blockchain offers leading mining center to Galaxy Digital for $65M
ARBK shares began recuperating consequently after Nasdaq cautioned the company about ending up being noncompliant in December. According to information from TradingView, Argo’s stock briefly reached $1 on Dec. 30 however stopped working to preserve the cost. After retesting $1 on Jan. 3, ARBK stock has actually continued to be trading above the cost level. On Jan. 20, the stock closed at $1.73.
Argo is not the only publicly-listed Bitcoin mining company that has actually been having a hard time to preserve its share rates above $1. On Dec. 15, the Canadian Bitcoin mining business Bitfarms got a comparable caution from Nasdaq over its Bitfarms shares (BITF).
Unlike ARBK, Bitfarms’ shares have actually not taped adequate development to adhere to Nasdaq’s listing guidelines yet. After breaking above $1 on Jan. 12, BITF toppled listed below the limit once again on Jan. 18. According to Nasdaq’s requirements, Bitfarms needs to have its shares trading above $1 for a minimum of 10 days prior to June 12, 2023.