Argo Blockchain to Make Announcement Wednesday

By Will Feuer

Argo Blockchain PLC said it has requested for trading of its American depositary shares to be suspended until Wednesday, as it expects to make an announcement before the market opens.

Earlier this month, the cryptocurrency mining company said the U.K. Financial Conduct Authority suspended trading of its London-listed shares after certain draft materials, which implied the company was filing for chapter 11 bankruptcy, were inadvertently published as a test page on its website.

The draft materials said Argo Blockchain was at risk of having insufficient cash to support its business operations within the next month. Furthermore, the materials added, the company was in advanced discussions with a third party to sell certain assets and engage in an equipment-financing transaction it believed would strengthen its balance sheet and improve liquidity.

"The company is hopeful that it will be able to consummate the transaction outside of a voluntary chapter 11 bankruptcy filing in the United States, although there is no assurance that the company can avoid such a filing," Argo Blockchain said.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

December 27, 2022 06:55 ET (11:55 GMT)

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