Amid indications of possible market recovery, popular bitcoin miner, Argo has regained compliance with the minimum price rule of Nasdaq. The company announced the development in its latest blog post, citing a recovery in its share price. According to the announcement, it received a notification from Nasdaq stock market listing qualifications department, confirming its successful compliance to the minimum closing bid price of $1 for ten consecutive trading days.
According to Argo, it began to meet up with the requirement since January 13. Occasioned by this development, it claims that Nasdaq has already considered the matter closed.
Meanwhile, this development comes barely a month after Nasdaq revealed that the bitcoin miner failed to meet up with its minimum bid price requirement. According to the press release dated December 16, Argo reportedly failed to secure the compliance owing to the fall of its common stock. Then, the stock reportedly failed to maintain the minimum bid price of $1 over the previous 30 consecutive business days.
Notably, Argo faced numerous financial issues, fermented by the skyrocketing cost of energy and fall in BTC value. This development thus compelled the mining firm to halt trading on Nasdaq temporarily. In late December, it sold its Helios mining facility to Galaxy Digital. Now with the prevailing indications of market recovery, Argo received a letter confirming that it has already regained its compliance.
The debut of Argo on Nasdaq market
Worthy of note that Argo’s American depository shares made its trading debut on Nasdaq Global Select Market in late 2021. This, as reported, materialized under a ticker symbol, ARBK. Reportedly, it started with a price of $15 and has since then been selling off. However, in October 2022, ARBK fell below $1. This consequently led to the warning by Nasdaq in December. Ever since, Argo’s shares started recovering slowly, and was closed to $1 in the last days of 2022. Starting 2023 on the same momentum, the stock is now trading above the price level. As of January 20, it traded at $1.73.
It is noteworthy that Argo was not the only publicly-listed bitcoin mining firm that received similar warning from Nasdaq. Bitfarms, another Bitcoin mining firm received the same warning last December over non-compliant to its price level requirement. Notably, it listed its shares on Nasdaq as BITF. However, till date, ARBK has failed to recover or meet up with the Nasdaq listing rules. Meanwhile, Nasdaq seeks Bitfarms ensures its shares trades above $1 at least for 10 days before June.