The company accidentally published draft materials on its website earlier this month saying it was filing for Chapter 11 bankruptcy protection.
Argo Blockchain asked to suspend trading on Nasdaq as it prepares to make an announcement Wednesday.
The miner said two weeks ago that it was in “advanced negotiations with a third party” to sell certain assets in an effort to avoid filing for bankruptcy. Bitcoin miner Argo Blockchain requested that trading be temporarily suspended on Nasdaq pending an announcement by Wednesday's open.
"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," it said 0n Dec. 12. Argo warned in October that it would become cashflow negative if it failed to raise money after a financing deal fell through. In that scenario it would also have to cease operations, the company said at the time.© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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