Trading of Argo Blockchain shares has been suspended in the US and UK.
The bitcoin mining firm said it may have to cease operations if it is unable to secure additional financing by the end of October.
Argo Blockchain is in Trouble
Trading in the London-based company’s shares has been suspended in the US and UK. However, the reason has not been disclosed.
The company said that its deal to raise $27 million from a strategic investor at the end of the Oct had failed, causing its shares to plummet by 70%.
In a statement to the London Stock Exchange, the company said:
“If Argo fails to complete further financing, cash flow will become negative in the near term and will need to curtail or cease operations”
Argo Blockchain said in its November operations update released today that it is continuing financing talks to “provide the company with sufficient working capital for its current requirements.” In addition, it was emphasized that an additional statement would be made when the time comes.
