Nasdaq plans to delist Bitcoin mining company Argo Blockchain due to low stock price, company applies for hearing defense

According to Golden Finance, London based Bitcoin mining company Argo Blockchain (NASDAQ: ARBK) has been notified by NASDAQ of its intention to delist due to its stock price consistently falling below $1. The company has failed to maintain the minimum bid requirement since the beginning of the year and triggered a delisting defect notice on July 15th. The current stock price is $0.31, a significant drop from $16.60 when it went public in 2021. Argo stated that it will file a complaint with the Nasdaq hearing committee, and its stocks can still continue to trade during the hearing period. The company has not announced any plans to boost its stock price, such as a joint stock restructuring, and admits that it cannot guarantee the success of the appeal or restoration of compliance. The mining company sold Helios, the largest mining site in Texas, in 2022 to avoid bankruptcy and currently operates a hydroelectric mining facility located in Quebec, Canada.