Bitcoin miner Argo Blockchain declared that it would like the trade of its business’s shares to be halted on December 27 because the company plans to issue a statement on December 28, 2022, a Wednesday.
In order to “strengthen its balance sheet and increase its liquidity,” the bitcoin miner on December 12 “advanced negotiations with a third party to sell certain assets,” which has resulted in the company’s stock losing 96.34% of its value year to date.
Argo Blockchain requested a suspension of stock trading till an official announcement is made.
Argo stated that it anticipates that trading will restart following the company’s significant announcement on December 28.
Core Scientific, a competing bitcoin miner that is publicly traded, filed for Chapter 11 bankruptcy protection last week, and in late September.
In addition, Argo unintentionally released paperwork claiming that it was voluntarily filing for Chapter 11 bankruptcy protection.
The miner is reportedly engaged in “advanced negotiations with a third party to sell some assets,” according to paperwork from December 12, 2022.