100 Million Recovery Package for Bitcoin Miner Suspending Transactions on Nasdaq

Bitcoin (BTC) miner Argo Blokchain has decided to sell a facility to crypto-focused investment firm Galaxy Digital to avoid filing for bankruptcy.

Struggling with financial problems, Argo Blockchain is trying to avoid filing for bankruptcy by Helios mining company in Texas. plant and to the facility all equipment owned by 65 million dollars announced that it would sell it to Galaxy Digital in return. Mike NovogratzGalaxy Digital, which is under the management of , also added an extra to Argo Blockchain to assist in the restructuring process. A $35 million loan agreement between the two companies 100 million dollarsa will be completed.

Argo Blockchain said in a statement yesterday, Nasdaq It had decided to freeze its listed shares for 24 hours. Citing the freezing decision, an important announcement to be made on Wednesday, the company finally announced this recovery plan with Galaxy Digital.

Argo Blockchain CEO Peter Wall made the following statement to CoinDesk on the subject:

For the past few months, we’ve been looking for a way to continue mining through the bear market, reduce our debt load, and maintain access to the unique power grid in Texas. This deal with Galaxy allows us to achieve all these goals and stay alive to fight another day.

Rising energy costs and Bitcoin price drop The mining company struggling with financial problems due to “by mistake” in the USA on December 9 Chapter 11 bankruptcy protection He shared a draft document stating that he had voluntarily applied for In a subsequent statement, “risk of not having enough cash to support ongoing business operations in the next month”, but it was underlined that they were trying to avoid bankruptcy.

On the other hand, on December 16, Nasdaq announced that the shares of the company were successively Under $1 for 30 days warns against Argo Blockchain as it remains had been found. If the company fails to raise its share price above $1 in the next 180 days, it will be in danger of being removed from the Nasdaq. A similar warning by Nasdaq was recently issued by another mining company. Bitfarm It was made for.


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