Argo Blockchain has been warned that it could be kicked off the Nasdaq due to its falling stock price.
The London-based crypto miner, which is also listed on the London Stock Exchange, has seen its shares fall by more than 70% in the last twelve months.
This saw the company’s Nasdaq-listed American Depositary Shares (“ADS”) fall below $1.00 for 30 consecutive business days, causing it to violate the minimum purchase price requirement.
Argo, which operates crypto mining sites in Quebec and Texas, said today it received a notification letter from the Nasdaq exchange warning it of the breach. The company has until July to see its share price recover before trading is suspended.
Argo shares today fell a further 3.8% in London to 4.6p.
In a statement, Argo Blockchain said: “The Company intends to monitor the offering price of its ADSs between now and July 15, 2025 and evaluate all available options to resolve the shortfall and restore compliance . »
The company added that its London listing would not be affected by any Nasdaq suspension.
Argo’s share price decline comes despite a huge rise in Bitcoin, with the cryptocurrency more than doubling in the past four months to $100,000.
This rise has been driven by growing adoption by institutional investors, as well as hopes that the election of Donald Trump in the United States will open the door to a more liberal regulatory regime for the use of cryptocurrency.
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