Argo Blockchain Plc 6-K, filed Oct 31, 2022
Argo Blockchain Plc (ARBK)
6-K
2022-10-31
For: 2022-10-31
View Original
Added on
April 05, 2026
About this 6-K
Argo Blockchain Plc filed this 6-K on October 31, 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 October, 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 ☒
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
|
Exhibit
No.
1
|
Description
Strategy/Company/Ops
Update dated 31 October 2022
|
Press Release
31 October 2022
Argo Blockchain plc
("Argo" or "the Company")
October Update
Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:
ARB; NASDAQ: ARBK), provides the following announcement regarding
certain strategic actions that were announced on 7 October
2022.
As previously disclosed, the Company signed a non-binding LOI with
a strategic investor to raise
approximately £24
million ($27
million) via a subscription for
ordinary shares. The Company no longer believes that this
subscription will be consummated under the previously announced
terms. Argo is continuing to explore other financing
opportunities.
The Company has also taken steps to further maximize liquidity and
preserve cash. The Company sold 3,843 new-in-box Bitmain S19J Pro
machines, representing ~384 PH/s of total hashrate capacity, for
cash proceeds of ~£4.8 million ($5.6 million). These machines
are the last batch of the original Bitmain order scheduled for
installation in October 2022. As a result, the Company's total
hashrate capacity remains at 2.5 EH/s.
No Assurance of Definitive Agreements
While Argo is exploring other financing opportunities, there can be
no assurance that any definitive agreements will be signed or that
any transactions will be consummated. Should Argo be unsuccessful
in completing any further financing, Argo would become cash flow
negative in the near term and would need to curtail or cease
operations. The Company is endeavoring to complete such financing
transactions to provide the Company with working capital sufficient
for its present requirements, that is for at least the next twelve
months from the date of this announcement.
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 risk
that the Company may be unable 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:
|
Argo
Blockchain
|
|
|
Peter
Wall
Chief
Executive
|
via Tancredi +44 203 434 2334
|
|
finnCap Ltd
|
|
|
Corporate
Finance
Jonny Franklin-Adams
Seamus Fricker
Joint
Corporate Broker
Sunila
de Silva
|
+44
207 220 0500
|
|
Tennyson Securities
|
|
|
Joint
Corporate Broker
Peter Krens
|
+44
207 186 9030
|
|
OTC Markets
|
|
|
Jonathan
Dickson
jonathan@otcmarkets.com
|
+44
204 526 4581
+44
7731 815 896
|
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
|
|
|
Salamander Davoudi
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com
|
+44 7957 549 906
+44 7888 672 701
+44 7915 033 739
|
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.
|
Date:
31 October, 2022
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter Wall
Title:
Chief Executive Officer
Name:
David Zapffe
Title:
General Counsel
|