Nasdaq has notified Argo Blockchain of an upcoming delisting of its shares due to failure to meet the minimum bid price requirement of $1.00. This decision could significantly affect the company's market liquidity.
Reasons for Argo Blockchain Delisting
Nasdaq intends to delist Argo Blockchain plc shares for not meeting the minimum bid price requirement. The company was unable to lift its share price above $1.00 for 30 consecutive business days, as outlined in the filed Form 6-K.
Investor and Liquidity Implications
The delisting of Argo Blockchain shares will likely shift trading to over-the-counter (OTC) markets, impacting liquidity. Historically, such actions lead to reduced market presence for micro-cap companies. Argo's management has requested a hearing to potentially delay the delisting process.
Impact on Cryptocurrency Market
Despite the delisting of Argo, there have been no significant changes in the major cryptocurrencies like BTC and ETH. Investors continue to await further regulatory and financial implications associated with Nasdaq's decision.
The delisting of Argo Blockchain from Nasdaq highlights the challenges faced by blockchain companies. This serves as a reminder of the increasing scrutiny from regulatory bodies over digital assets.
