{"id":69318,"date":"2022-10-31T12:54:06","date_gmt":"2022-10-31T10:54:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69318"},"modified":"2025-09-07T19:16:53","modified_gmt":"2025-09-07T16:16:53","slug":"argo-blockchain-fails-to-raise-24m-of-equity-capital","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/argo-blockchain-fails-to-raise-24m-of-equity-capital\/","title":{"rendered":"Argo Blockchain fails to raise \u00a324m of equity capital"},"content":{"rendered":"<p>Argo Blockchain acknowledged that the deal to sell <a href=\"https:\/\/u1f987.com\/en\/news\/argo-blockchain-to-raise-24m-for-working-capital\">shares of the company worth \u00a324m<\/a> to a strategic investor to bolster working capital has fallen through.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">New RNS today contains updates on the strategic actions disclosed on 10\/7.<\/p>\n<p>We no longer expect to close the equity subscription on the terms disclosed and we&#8217;re exploring other financing options.<\/p>\n<p>We also sold 3,843 S19J Pro machines for $5.6m.<\/p>\n<p>Full RNS: <a href=\"https:\/\/t.co\/KthypzXCAT\">https:\/\/t.co\/KthypzXCAT<\/a><\/p>\n<p>\u2014 Argo (@ArgoBlockchain) <a href=\"https:\/\/twitter.com\/ArgoBlockchain\/status\/1586962072818032640?ref_src=twsrc%5Etfw\">October 31, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe company no longer believes that this subscription will be completed on the previously announced terms. Argo continues to explore other financing options,\u201d the press release said.<\/p>\n<\/blockquote>\n<p>To raise liquidity, the firm sold 3,843 new Antminer S19J Pro ASIC miners from Bitmain. This was the last batch of October deliveries. Argo&#8217;s revenue was around \u00a34.8m.<\/p>\n<p>As a result, the company&#8217;s hash rate on the Bitcoin network remained at 2.5 EH\/s. Previously, despite the equipment rollout, Argo had expected to reach 2.9 EH\/s by the end of October.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf Argo is unable to obtain any further financing, cash flow will become negative in the near future, and the company will have to cut back or cease operations,\u201d the mining firm said.<\/p>\n<\/blockquote>\n<p>At the time of writing, the company&#8217;s shares on the London Stock Exchange had fallen more than 46%. The stock was trading at around \u00a38.4, versus a peak of \u00a3282 in February 2021.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/3084tht7Cq0iNdGUaMEDGHqST7nsaKyYojeoLRfWJdnYsQVpMchtyyXt7j7jWjhppusfdk1hDzN9bPWz9azmjB7wlPW48QFS2tQMCN1SPJSOkYwlM338h8L3JggwZi8bsykrVowkl84rHkfGJwrbBIpBfna-haON8FWckFnzjcNkI_eaHfJqwDz3lQ\" alt=\"Argo Blockchain failed to attract \u00a324m of equity capital\"\/><figcaption>Data: LSE.<\/figcaption><\/figure>\n<p>In September, Arcane Research analysts said that publicly listed mining companies <a href=\"https:\/\/u1f987.com\/en\/news\/arcane-research-notes-resilient-finances-among-public-miners\">maintain financial resilience<\/a>, despite adverse market conditions.<\/p>\n<p>However, the vast majority of them <a href=\"https:\/\/u1f987.com\/en\/news\/study-finds-publicly-listed-mining-companies-posted-losses-amid-crypto-winter\">posted an accumulated loss on their balance sheets<\/a>, experts noted. Argo was the exception.<\/p>\n<p>In September, Compute North, not publicly traded on the stock market, <a href=\"https:\/\/u1f987.com\/en\/news\/compute-north-files-for-bankruptcy\">filed for bankruptcy<\/a>.<\/p>\n<p>In October, <a href=\"https:\/\/u1f987.com\/en\/news\/core-scientific-faces-bankruptcy-risk\">Core Scientific warned<\/a> of the risk of liquidity depletion by the end of the year and possible insolvency.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Argo Blockchain said the deal to sell \u00a324m of shares to a strategic investor to bolster working capital has fallen through.<\/p>\n","protected":false},"author":1,"featured_media":69319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1182,1137,52],"class_list":["post-69318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-argo-blockchain","tag-cryptocurrency-mining","tag-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"48","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69318"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69318\/revisions"}],"predecessor-version":[{"id":69320,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69318\/revisions\/69320"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69319"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}