Hey there! Let's dive into the latest buzz about Argo Blockchain.
The Deal with Argo's Stock! 📉
Shares of Argo Blockchain plummet as the company prepares to halt trading due to mounting financial setbacks.
Argo Blockchain's shares have taken a wild ride lately, plummeting up to 25% due to a temporary trading stop. Why, you ask? Well, the company is running late with its financial reports, and the London Stock Exchange isn't too pleased about it.
Delayed Financial Reports 🕒
Turns out, Argo received a letter from the US Securities and Exchange Commission (SEC) about the accounting treatment of its digital assets. This insightful correspondence has forced the company to revise its 2023 accounts, leading to a delay in the publication of its 2024 results.
Not All Bad News! 💸
Despite the delay, Argo hasn't been completely in the red. Preliminary results from 2024 show a revenue of $47 million, albeit with a wider net loss of $54.4 million compared to the previous year. Their cash balance, as of year-end, stands at a respectable $8.6 million.
So, Where Does This Leave Argo? 🔄
The company expects to release its 2024 financial statements around May 9, 2025, after which it plans to reapply for reinstatement on the London Stock Exchange. Let's hope things start looking up for Argo Blockchain soon!
A Little Insight into the Past 🔝
Interestingly, this isn't the first challenge Argo has faced. Earlier in the year, the company was issued a warning about its low stock price potentially breaching the minimum bid price requirement for a Nasdaq listing. Given until July to recover, Argo certainly has its work cut out for it.
To add to the drama, the company's CEO, Thomas Chippas, announced his resignation effective February 28, 2025. The shares have dropped a substantial 80% over the past year, providing a challenging backdrop for the crypto miner.
Sources 📘
[1] Argo Blockchain updates on delaying publication of its 2023 Annual Report and Financial Statements, and request for suspension from trading the Ordinary Shares on the Main Market of the London Stock Exchange, Argo Blockchain press release, April 22, 2025.
[2] Argo Blockchain to suspend trading of its shares over accounting issues, The Telegraph, April 22, 2025.
[3] Argo Blockchain’s 2024 Financial Results to be Delayed as it Restates 2023 Accounts, Business Insider, April 22, 2025.
[4] Argo Blockchain reports decline in revenue and wider net loss for 2024, IB Times, April 22, 2025.
[5] Argo Blockchain's Stock Price Hits a Five-Year Low Amid Accounting Delays and Executives' Exits, Coindesk, April 22, 2025.
- The trading of Argo Blockchain's stock on the Main Market of the London Stock Exchange was temporarily suspended due to the company's delay in publishing its 2023 financial reports, which required reclassifying its digital assets.
- Argo Blockchain's stock suffered a significant drop, with shares plummeting up to 80% over the past year, following the announcement of the reclassification and the delay in the publication of its 2024 financial results.
- In 2025, Argo Blockchain plans to reapply for reinstatement on the London Stock Exchange after their 2024 financial statements are released, which is expected to be around May 9, 2025.
- Amidst the technology-related challenges, Argo Blockchain is expected to release its finances for the year 2024 in the technology-finance business sector in 2025, with the publication of its 2024 financial statements.
