Argo Blockchain (ARBK) witnesses an 8.38% drop in Nasdaq-listed shares as interim CEO Seif El-Bakly departs, impacting market capitalization. The departure, effective January 5, 2024, follows El-Bakly’s tenure since February 2023. Operational reins now in the hands of CSO Sebastien Chalus. Argo Blockchain also announces the grant of Restricted Stock Units (RSUs) and issues new shares in connection with El-Bakly’s exit.
Argo Blockchain (ARBK) faced a significant setback with an 8.38% decline in its Nasdaq-listed shares following the departure of interim CEO and COO Seif El-Bakly. The drop, recorded at $3.50, resulted in a notable reduction in the company’s market capitalization, now standing at $183.7 million.
El-Bakly, who assumed the role in February 2023 after the departure of former CEO Peter Wall, bid farewell to Argo Blockchain on January 5, 2024, citing the pursuit of new opportunities. CSO Sebastien Chalus is now overseeing the company’s operations, stepping in during El-Bakly’s absence.
In a parallel development, Argo Blockchain disclosed the grant of 1,379,727 Restricted Stock Units (RSUs) on December 5, 2023, as part of its 2022 Equity Incentive Plan. These RSUs are slated to vest over three years. Moreover, as part of Mr. El-Bakly’s departure arrangements, the company issued new ordinary shares to finalize the vesting of his Performance Share Units (PSUs).
This transition comes amid Argo Blockchain’s reported operational accomplishments, highlighting the challenges and opportunities the company faces in the evolving landscape of the stock market.