Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
16 December 2022 - 10:28PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2022
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into English)
_____________________
9th Floor
16 Great Queen Street
London WC2B 5DG
England
(Address of principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F
☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
Exhibit
No.
1
|
Description
Nasdaq
Notification - Minimum Bid Price Deficiency dated 16 December
2022
|
Press
Release
16 December 2022
Argo Blockchain plc
("Argo" or "the Company")
Argo Receives Nasdaq Notification Regarding Minimum Bid Price
Deficiency
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:
ARB; NASDAQ: ARBK), announces today that it has received written
notification (the "Notification Letter") from the Nasdaq Stock
Market LLC Listing Qualifications Department ("Nasdaq") that it is
not in compliance with the minimum bid price requirement set forth
in Nasdaq Rule 5450(a)(1) since the closing bid price for the
Company's American Depositary Shares ("ADS") listed on the Nasdaq
Global Select Market was below $1.00 for 30 consecutive business
days.
In accordance with Listing Rule 5810(c)(3)(A), the Company has
until 12 June 2023, to regain compliance with the minimum bid price
requirement, during which time the ADSs are expected to continue to
trade on the Nasdaq Global Select Market. If at any time before 12
June 2023, the bid price of the ADSs closes at or above $1.00 per
share for a minimum of 10 consecutive business days, Nasdaq will
provide written notification that the Company has achieved
compliance with the minimum bid price requirement and will consider
such deficiency matters closed.
The Notification Letter does not affect the Company's business
operations, and it does not affect the Company's listing on the
London Stock Exchange. Furthermore, the Notification Letter does
not affect the ongoing negotiations with a third party regarding an
asset sale and equipment financing transaction that were disclosed
on 12 December 2022.
The Company intends to monitor the bid price of its ADSs between
now and 12 June 2023, and to evaluate all available options to
resolve the deficiency and regain compliance with Nasdaq Rule
5450(a)(1).
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes
forward-looking statements which reflect the Company's or, as
appropriate, the Directors' current views, interpretations, beliefs
or expectations with respect to the Company's financial
performance, business strategy and plans and objectives of
management for future operations. These statements include
forward-looking statements both with respect to the Company and the
sector and industry in which the Company operates. Statements which
include the words "remains confident", "expects", "intends",
"plans", "believes", "projects", "anticipates", "will", "targets",
"aims", "may", "would", "could", "continue", "estimate", "future",
"opportunity", "potential" or, in each case, their negatives, and
similar statements of a future or forward-looking nature identify
forward-looking statements. All forward-looking statements address
matters that involve risks and uncertainties because they relate to
events that may or may not occur in the future, including the
following risks among others: the contemplated transaction may not
complete on the anticipated terms or at all; the Company's
insufficient cash may require it to file for bankruptcy in the
future; the ability of the Company to comply with Nasdaq listing
standards and remain listed on the Nasdaq Global Select Market;
and, in the event that the Company is required to file for
bankruptcy, the Company may be unable to emerge from bankruptcy as
a going concern,; and, the Company's inability to secure sufficient
additional financing to meet its operating needs. Forward-looking
statements are not guarantees of future performance. Accordingly,
there are or will be important factors that could cause the
Company's actual results, prospects and performance to differ
materially from those indicated in these statements. In addition,
even if the Company's actual results, prospects and performance are
consistent with the forward-looking statements contained in this
document, those results may not be indicative of results in
subsequent periods. These forward-looking statements speak only as
of the date of this announcement. Subject to any obligations under
the Prospectus Regulation Rules, the Market Abuse Regulation, the
Listing Rules and the Disclosure and Transparency Rules and except
as required by the FCA, the London Stock Exchange, the City Code or
applicable law and regulations, the Company undertakes no
obligation publicly to update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise. For a more complete discussion of
factors that could cause our actual results to differ from those
described in this announcement, please refer to the filings that
Company makes from time to time with the United States Securities
and Exchange Commission and the United Kingdom Financial Conduct
Authority, including the section entitled "Risk Factors" in the
Company's Registration Statement on Form F-1.
For further information please contact:
Argo Blockchain
|
|
Peter Wall
Chief
Executive
|
ir@argoblockchain.com
|
finnCap Ltd
|
|
Corporate
Finance
Jonny Franklin-Adams
Seamus Fricker
Joint
Corporate Broker
Sunila de Silva
|
+44 207 220 0500
|
Tennyson Securities
|
|
Joint
Corporate Broker
Peter Krens
|
+44 207 186 9030
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
|
|
Salamander Davoudi
Emma Valgimigli
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com
|
|
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With its flagship mining facility in Texas, and offices in
the US, Canada, and the UK, Argo's global, sustainable operations
are predominantly powered by renewable energy. In 2021, Argo became
the first climate positive cryptocurrency mining company, and a
signatory to the Crypto Climate Accord. Argo also participates in
several Web 3.0, DeFi and GameFi projects through its Argo Labs
division, further contributing to its business operations, as well
as the development of the cryptocurrency markets. For more
information, visit www.argoblockchain.com.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date:
16 December, 2022
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter Wall
Title:
Chief Executive Officer
Name:
David Zapffe
Title:
General Counsel
|
Argo Blockchain (NASDAQ:ARBK)
Historical Stock Chart
From Feb 2024 to Mar 2024
Argo Blockchain (NASDAQ:ARBK)
Historical Stock Chart
From Mar 2023 to Mar 2024