Following the company’s announcement of a restructuring plan, shares of Argo Blockchain plc (ARBK) were up 16.67% to trade at $1.05 in pre-market trading at the time of our last check.
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What strategy has ARBK disclosed?
The following announcement on the strategic activities that were stated on October 7, 2022, was made this week by Argo Blockchain (ARBK).
- As was previously revealed, Argo Blockchain and a strategic investor signed a non-binding letter of intent (LOI) to fund around $27 million through the subscription of common shares.
- Argo Blockchain, a bitcoin miner located in London, is experiencing liquidity problems amid a bear market that is decimating the sector, and Wall Street is growing increasingly anxious about the survival of the firm.
- ARBK no longer thinks this subscription will be completed in accordance with the previously disclosed terms.
- ATBK is still looking for more financial options.
- ARBK has also taken action to protect funds and further increase liquidity.
- The miner warned that because it lacks a fixed-rate electricity contract, it may soon experience negative cash flow as a result of the low bitcoin price and high energy expenditures.
- That suggests that it could frequently spend more than it takes in.
- For a total of $5.6 million in cash, Argo Blockchain sold 3,843 brand-new, unopened Bitmain S19J Pro machines, which equates to about 384 PH/s of total hash rate capability.
- These units are the final batch of the first Bitmain purchase, and installation is planned for October 2022.
- As a result, the overall hashrate capability of Argo Blockchain stays at 2.5 EH/s.
ARBK declared there were no firm agreements:
There can be no promise that any formal agreements will be signed or that any transactions will be completed, even if Argo Blockchain (ARBK) is looking into additional funding options. If ARBK is unable to get more finance, it would soon experience negative cash flow and will have to scale back or stop operations. In order to provide the Company with operating capital adequate for its current needs, which is for at least the next 12 months from the date of this notice, ARBK is working to finalize such financing agreements.