The interim CEO of Argo Blockchain, Jim MacCallum, bought more than 70,000 shares from the company in an initiate transaction.
Jim MacCallum, Acting Managing Director of Argo Blockchain, bought 75,000 shares from the company in the form of American deposit receipts – American negotiated shares representing shares of the foreign company – between January 29 and January 30, revealed the company in a regulatory file. The shares were purchased on NASDAQ prices ranging from $ 0,4550 to $ 0.4700 each, says the file.
In total, MacCallum spent about $ 34,625 on shares, with an average price of $ 0.4617 per ADR. The purchase of initiate has been disclosed, as required by regulations for people who pay management responsibilities. After the cancellation of the news, Argo shares on the London Stock Exchange jumped 2.27%, reaching 4.5 GBX.
The transaction occurred only a few days after Argo Blockchain announced that CEO Thomas Chippas will go on February 28. Jim MacCallum, who is currently the financial director, has already taken over as an acting CEO while the company is looking for a permanent person to fulfill the role.
As Crypto.News reported it earlier, Chippas, who joined in November 2023, helped improve the finances of Argo, paying a loan of Galaxy early and strengthening the balance sheet. However, Argo faces challenges, reporting a net loss of $ 6.3 million in the third quarter of 2024 and a 28% drop in income from one year to the next to $ 7.5 million.
In December 2024, Argo raised $ 5.3 million thanks to an action subscription. The funds will help move or sell mining equipment from the installation of Helios in Texas. He will also support the maintenance of operations in Quebec. Earlier, the company declared a flat production because it only undermined 39 BTC in December, the same as in November, marking a five -month lower.
