The officials at the Argo Blockchain recently made an announcement involving their operations. The officials revealed that they have been in talks with multiple companies in regard to selling their assets.
Argo Blockchain Trying to Avoid Bankruptcy
The executives at the Argo Blockchain have recently issued a statement where they talked about the ongoing negotiations for selling their assets.
The company is reportedly in the process of selling its assets to interested buyers and other mining companies. Argo Blockchain is one of the largest cryptocurrency mining firms in the cryptoverse.
In addition to the above, the company is also trying to avoid filing for bankruptcy. They want to do it because they want to keep running their operations.
For this purpose, they have already engaged in a financing transaction for the equipment. They are hoping that things will go in the right direction and they will be able to evade the possibility of bankruptcy.
If things do not go well in their favor, then they will have no choice but to go for the last resort, which is to file bankruptcy.
Argo Blockchain is Out of Funds
Just like the rest of the companies and firms in the crypto industry, Argo Blockchain has been hit hard by the market downtrend.
Even though an entire year is about to end dedicated to the crypto winter, there is no hope for recovery. With every passing day, the market is moving towards a decline with no chance of recovery.
During this downtrend, the companies have been using what they had left of their reserves/resources to get through the difficult times.
However, it seems what they had accumulated throughout the years is not enough to get through the difficult times.
Like many other firms that filed for bankruptcy, Argo Blockchain is on the verge of facing a financial crisis. The company has already announced that they are running out of funds.
It is only a matter of time before they run out of funds and if they are not able to deal with the problem, they will have to file for bankruptcy.
The company has confirmed that they hardly have the funds to get them through the month of December. They have hinted that there is a high chance they run out of funds before the month ends.
Advanced Negotiations to Save the Company
The mining company is in the middle of holding several advanced negotiations. They want to deal with the situation as soon as possible and try to arrange funds to keep operating.
It is among the most reputed and oldest crypto-mining firms involved in mass Bitcoin mining. However, the market downtrend has gotten to the company and it is now facing a major problem.
No Chapter 11 Filed as of Yet
The officials at Argo Blockchain have confirmed that so far, they have not filed for bankruptcy. So the investors should not worry thinking that they have already filed for Chapter 11 bankruptcy.
They are still trying to steer sinking ships and are attempting to bring them out of the lower sea levels. They want to keep operating but the finances are getting in their way.
The company had also enlisted itself through multiple stock exchanges. It was listed in the United States through the NASDAQ stock exchange and in the United Kingdom, through the London Stock Exchange (LSE).
The company has decided that it will be delisting itself from both exchanges if they keep facing financial deficiencies.
The share prices for the Argo Blockchain have also started to move in a negative direction. The investors are getting their investments out of the company due to the high uncertainty.
They are fearing that the company may end up filing for bankruptcy so they do not want to stick around given the company’s current situation.
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