Bitcoin miner Argo regains compliance with Nasdaq minimal bid worth rule

Amid bullish motion on cryptocurrency markets, Bitcoin (BTC) mining agency Argo Blockchain has regained inventory itemizing compliance with Nasdaq.

Argo formally introduced on Jan. 23 that the corporate regained compliance with Nasdaq’s minimal bid worth rule amid the share worth restoration. 

The Nasdaq inventory market itemizing {qualifications} division has knowledgeable Argo that it efficiently met a requirement to take care of a minimal closing bid worth of $1 for ten consecutive buying and selling days. This requirement was met on Jan. 13, with Nasdaq confirming that it considers the matter closed.

The announcement comes a couple of month after Nasdaq notified Argo on Dec. 16 that the agency wasn’t compliant with Nasdaq’s minimal bid worth requirement. The difficulty was attributable to Argo’s widespread inventory failing to take care of the minimal bid worth of $1 over the earlier 30 consecutive enterprise days, as required by Nasdaq’s itemizing guidelines.

Furthermore, monetary issues amid escalating power prices and the falling Bitcoin (BTC) costs had compelled the mining firm to droop buying and selling on Nasdaq momentarily.

Argo’s American depositary shares (ADS) began buying and selling on the Nasdaq International Choose Market below the ticker image ARBK in September 2021. Debuting at a worth of $15, ARBK shares have been progressively promoting off, finally tumbling beneath $1 in October 2022.

Associated: Argo Blockchain sells prime mining facility to Galaxy Digital for $65M

ARBK shares began recovering subsequently after Nasdaq warned the agency about changing into noncompliant in December. In accordance with knowledge from TradingView, Argo’s inventory briefly reached $1 on Dec. 30 however failed to take care of the value. After retesting $1 on Jan. 3, ARBK inventory has continued to be buying and selling above the value stage. On Jan. 20, the inventory closed at $1.73.

ARBK’s 30-day worth chart. Supply: TradingView

Argo shouldn’t be the one publicly-listed Bitcoin mining agency that has been struggling to take care of its share costs above $1. On Dec. 15, the Canadian Bitcoin mining firm Bitfarms obtained an identical warning from Nasdaq over its Bitfarms shares (BITF).

Not like ARBK, Bitfarms’ shares haven’t recorded sufficient progress to adjust to Nasdaq’s itemizing guidelines but. After breaking above $1 on Jan. 12, BITF tumbled beneath the edge once more on Jan. 18. In accordance with Nasdaq’s necessities, Bitfarms has to have its shares buying and selling above $1 for a minimum of 10 days earlier than June 12, 2023.