Argo Blockchain Plc 6-K, filed Dec 12, 2022
Argo Blockchain Plc (ARBK)
6-K
2022-12-12
For: 2022-12-12
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Added on
April 05, 2026
About this 6-K
Argo Blockchain Plc filed this 6-K on December 12, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
FORM 6-K
_____________________
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2022
Commission File Number: 001-40816
_____________________
Argo Blockchain plc
(Translation of registrant’s name into English)
_____________________
9th Floor
16 Great Queen Street
London WC2B 5DG
England
(Address of principal executive office)
_____________________
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F ☒ or Form 40-F
☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
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Exhibit
No.
1
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Description
Restoration
of Trading on the LSE dated 12 December 2022
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Press Release
12 December 2022
Argo Blockchain plc
("Argo" or "the Company")
Restoration of Trading on the London Stock Exchange
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:
ARB; Nasdaq: ARBK), makes the following announcement:
The Company is at risk of having insufficient cash to support
ongoing business operations within the next month. The Company is
in advanced negotiations with a third party to sell certain assets
and engage in an equipment financing transaction that the Company
believes will strengthen its balance sheet and improve its
liquidity. The Company is hopeful that it will be able to
consummate the transaction outside of a voluntary Chapter 11
bankruptcy filing in the United States, although there is no
assurance that the Company can avoid such a filing. The Company
engaged McDermott Will & Emery LLP as legal advisers, Berkeley
Research Group, LLC as financial advisers, and Stifel GMP and its
affiliate, Miller Buckfire & Co., LLC, as investment bankers,
to assist the Company with analysing these strategic
options.
As part of this process, certain draft materials were inadvertently
published as a test page on the Company's website. The
inadvertently published materials, which implied that the Company
was filing for Chapter 11 bankruptcy, led to the suspension of
trading of the Company's securities on the London Stock Exchange
and Nasdaq on Friday, 9 December 2022. Shareholders should note
that the Company has not filed for bankruptcy at this
time.
The Company has requested that the UK Financial Conduct Authority
restore the listing of its ordinary shares and that is expected to
happen as soon as practicable.
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes
forward-looking statements which reflect the Company's or, as
appropriate, the Directors' current views, interpretations, beliefs
or expectations with respect to the Company's financial
performance, business strategy and plans and objectives of
management for future operations. These statements include
forward-looking statements both with respect to the Company and the
sector and industry in which the Company operates. Statements which
include the words "remains confident", "expects", "intends",
"plans", "believes", "projects", "anticipates", "will", "targets",
"aims", "may", "would", "could", "continue", "estimate", "future",
"opportunity", "potential" or, in each case, their negatives, and
similar statements of a future or forward-looking nature identify
forward-looking statements. All forward-looking statements address
matters that involve risks and uncertainties because they relate to
events that may or may not occur in the future, including the
following risks among others: the contemplated transaction may not
completed on anticipated terms or at all; the Company's
insufficient cash may require it to file for bankruptcy in the
future; and, in the event that the Company is required to file for
bankruptcy, the Company may be unable to emerge from bankruptcy as
a going concern,; and, the Company's inability to secure sufficient
additional financing to meet its operating needs. Forward-looking
statements are not guarantees of future performance. Accordingly,
there are or will be important factors that could cause the
Company's actual results, prospects and performance to differ
materially from those indicated in these statements. In addition,
even if the Company's actual results, prospects and performance are
consistent with the forward-looking statements contained in this
document, those results may not be indicative of results in
subsequent periods. These forward-looking statements speak only as
of the date of this announcement. Subject to any obligations under
the Prospectus Regulation Rules, the Market Abuse Regulation, the
Listing Rules and the Disclosure and Transparency Rules and except
as required by the FCA, the London Stock Exchange, the City Code or
applicable law and regulations, the Company undertakes no
obligation publicly to update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise. For a more complete discussion of
factors that could cause our actual results to differ from those
described in this announcement, please refer to the filings that
Company makes from time to time with the United States Securities
and Exchange Commission and the United Kingdom Financial Conduct
Authority, including the section entitled "Risk Factors" in the
Company's Registration Statement on Form F-1.
For further information please contact:
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Argo
Blockchain
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Peter
Wall
Chief
Executive
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ir@argoblockchain.com
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finnCap Ltd
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Corporate
Finance
Jonny Franklin-Adams
Seamus Fricker
Joint
Corporate Broker
Sunila
de Silva
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+44
207 220 0500
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Tennyson Securities
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Joint
Corporate Broker
Peter Krens
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+44
207 186 9030
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Tancredi Intelligent Communication
UK
& Europe Media Relations
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Salamander Davoudi
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com
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About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With its flagship mining facility in Texas, and offices in
the US, Canada, and the UK, Argo's global, sustainable operations
are predominantly powered by renewable energy. In 2021, Argo became
the first climate positive cryptocurrency mining company, and a
signatory to the Crypto Climate Accord. Argo also participates in
several Web 3.0, DeFi and GameFi projects through its Argo Labs
division, further contributing to its business operations, as well
as the development of the cryptocurrency markets. For more
information, visit www.argoblockchain.com.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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Date:
12 December, 2022
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ARGO BLOCKCHAIN PLC
By:
Name:
Peter Wall
Title:
Chief Executive Officer
Name:
David Zapffe
Title:
General Counsel
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