Cryptocurrency mining company Argo Blockchain plc announces today that it has received written notification from the Nasdaq Stock Market LLC Listing Qualifications Department that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Rule 5450(a)(1) since the closing bid price for the company’s American Depositary Shares (ADS) listed on the Nasdaq Global Select Market was below $1.00 for 30 consecutive business days.

In accordance with Listing Rule 5810(c)(3)(A), the Company has until 12 June 2023, to regain compliance with the minimum bid price requirement, during which time the ADSs are expected to continue to trade on the Nasdaq Global Select Market. If at any time before 12 June 2023, the bid price of the ADSs closes at or above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement and will consider such deficiency matters closed.

The company intends to monitor the bid price of its ADSs between now and 12 June 2023, and to evaluate all available options to resolve the deficiency and regain compliance with Nasdaq Rule 5450(a)(1).

Earlier this week, Argo Blockchain warned that it was at risk of having insufficient cash to support ongoing business operations within the next month.