The CEO of cryptocurrency mining company Argo Blockchain is the second executive to leave the company. After the sale of the Helios Mine to Galaxy Digital
Cryptocurrency miner Argo continues to go through a corporate transformation in light of major acquisitions and lawsuits recently.
Argo Blockchain CEO Peter Wall announced his retirement from management on February 9th.
According to the announcement, Wall will remain an Argo consultant for the next three months in support of pension reform. He also said he was “thrilled” to lead the new Galaxy Digital deal.
in the same announcement the Company also disclosed the resignation of Argo board member Sarah Gow, this being due to health reasons.
However, just a week before the change, Argo lost chief financial officer Alex Appleton in another departure.
The Feb. 1 announcement said Appleton resigned to “pursue other opportunities,” according to filings with the London Stock Exchange. This coincided with the final sale of the Helios factory to Galaxy Digital Holdings.
Appleton has been with the company in a leadership role since September 2020.
Related: Bitcoin Mining Revenue Up 50% to $23 Million in One Month
This is the latest in a series of changes for Argo, which began in late December 2022, when the company reported insufficient funding and little guarantee that it would avoid Chapter 11 bankruptcy.
A few weeks after this announcement the Company revealed that it had sold its first Helios miner to Galaxy Digital, a global crypto-focused financial services company, for $65 million. This helped Argo reduce its overall debt to $41 million.
The acquisition was a factor in Argo’s further compliance with Nasdaq’s minimum bid rules. This resulted in a minimum share bid price of $1 being maintained for 30 consecutive trading days.
However, the Jan. 26 lawsuit targeted Argo and several directors and board members for failing to disclose material information to investors.
The suit alleges that the company failed to disclose its sensitivity to financing constraints, electricity costs and grid disruptions.
