Argo’s cash issues mirror those of other crypto miners.
would have given the investor, who was not identified, 87 million shares, accounting for 15.5% of the London-based company’s equity, Argo said in an Oct. 7 statement.
The company, which has operations in Texas and Quebec, did not respond to requests for comment. The company’s American depositary shares skidded 44% to $1.10 in afternoon trading on Nasdaq. They began the year at $12.16, while bitcoin has skidded about 56% to $20,433.Argo said that it is taking steps to conserve cash and cut costs, but without further financing it “would become cash-flow negative in the near term and would need to curtail or cease operations.
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