Argo blockchain has suspended trading of its American depositary shares (ADS) on Nasdaq.
The company said it needed to suspend trading because of an announcement that will come on Dec. 28 and because the London Stock Exchange is closed on Dec. 27. Argo said that it expects shares to resume Nasdaq trading on Dec. 28.
The statement comes after the company has been plagued with financial problems and faced bankruptcy rumors due to rising energy costs and falling Bitcoin prices.
Argo inadvertently shared a document with a reporter that falsely declared it to have filed for bankruptcy. In response, the London Stock Exchange and Nasdaq suspended trading of its shares. The team responded by requesting that its shares resume trading, since it had not actually filed for bankruptcy.
At the time, the company admitted that it was at risk of having insufficient cash to support ongoing business operations within the next month.” However, it stated that it was still trying to avoid Chapter 11 bankruptcy.
