Bitcoin mining firm Argo has withdrawn compliance with Nasdaq’s listing rules, which require the company to maintain a minimum bid price of $1 for its common stock for 30 consecutive trading days.
Amid bullish action on the cryptocurrency market, Bitcoin
Mining firm Argo Blockchain has withdrawn its stock listing compliance with Nasdaq.
Argo officially announced on Jan. 23 that the company has withdrawn compliance with Nasdaq’s minimum bid price rule amid a stock price recovery.
The Nasdaq Stock Exchange Listing Qualification Department has notified Argo that it has successfully met the requirement to maintain a minimum closing bid price of $1 for ten consecutive trading days. The condition was met on Jan. 13, with Nasdaq confirming that it considered the matter closed.
The announcement comes about a month after Nasdaq notified Argo on Dec. 16 that the firm was not in compliance with Nasdaq’s minimum bid price requirements. The issue was due to Argo’s common stock failing to maintain a minimum bid price of $1 over the last 30 trading days, as required by Nasdaq’s listing rules.
Moreover, economic problems between rising energy costs and falling bitcoin
Prices forced mining companies to momentarily suspend trading on the Nasdaq.
Argo’s American Depositary Shares (ADSs) began trading on the Nasdaq Global Select Market in September 2021 under the ticker symbol ARBK.Debuting at a price of $15, ARBK shares have slowly been selling off, eventually $1 in October 2022 fell below 1000 m.
Related: Argo sells top mining facility to Blockchain Galaxy Digital for $65M
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ARBK shares then began to recover after Nasdaq warned the firm in December about non-compliance. Argo shares briefly touched $1 on Dec. 30 but did not sustain the price, according to TradingView data. After retesting $1 on January 3rd, ARBK shares continue to trade above the price level. The stock closed Jan. 20 at $1.73.
30 day price chart of ARBK. Source: TradingView
Argo is not the only publicly listed bitcoin mining firm struggling to keep its share price above $1. On December 15, Canadian bitcoin mining company Bitfarms received a similar warning from Nasdaq about its Bitfarms shares (BITF).
Unlike ARBK, BitFarms shares have yet to rise enough to comply with Nasdaq listing rules. After breaking above $1 on Jan. 12, BITF fell below the limit again on Jan. 18. Bitfarm must have its shares trading above $1 for at least 10 days before June 12, 2023, according to Nasdaq requirements .