ARBK Stock Alert: Will Argo Blockchain Go Bankrupt?

  • Argo Blockchain (ARBK) stock is falling after a warning of financial troubles.
  • That includes the possibility of a bankruptcy filing.
  • However, ARBK says it might be able to restructure without the filing.
ARBK Stock - ARBK Stock Alert: Will Argo Blockchain Go Bankrupt?

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Argo Blockchain (NASDAQ:ARBK) stock is falling hard on Tuesday after the Bitcoin (BTC-USD) mining company warned of financial troubles.

According to a press release, the company may not have enough cash to keep operations going for another month. This has it seeking out an asset sale and a financing agreement to keep it from going under.

Argo Blockchain notes that this doesn’t mean a bankruptcy filing is on the way. Instead, the company believes it may be able to successfully restructure its business without bankruptcy protection. However, it makes no guarantees.

Argo Blockchain also mentions a mistake that saw some of its potential bankruptcy filings published on its main website. As a result, the company’s shares were halted on the London Stock Exchange. The company has sought a change to this and its trading is expected to resume.

ARBK Stock Movement on Tuesday

While Argo Blockchain hasn’t filed for bankruptcy yet, the potential of it doing so has spooked investors. As such, some 1 million shares are on the move as of this writing. That’s well above its daily average trading volume of 328,000 shares.

ARBK stock is down 38.9% as of Tuesday afternoon and is down 96.7% since the start of the year.

Investors looking for all of the latest stock market news will want to keep reading!

InvestorPlace is home to all of the most recent stock coverage traders need for Tuesday! A few examples include what’s going on with shares of OpGen (NASDAQ:OPGN), Advanced Micro Devices (NASDAQ:AMD), and airline stocks. You can catch up on all of that news at the links below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/12/arbk-stock-alert-will-argo-blockchain-go-bankrupt/.

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