London-listed crypto mining company Argo Blockchain has been forced to request a suspension of trading of its public shares following delays in the release of its accounts.
The company announced today that it would be unable to meet the deadline for releasing its results required by the UK public listing regime.
Under UK law, the crypto firm was required to publish its 2024 financial accounts by Wednesday 30 April. The company claimed that its auditor, PKF Littlejohn LLP, confirmed that while the audit process is “near completion”, it was unable to be finalised by the deadline.
Because of this delay, Argo Blockchain has requested a temporary suspension of the listing of its shares from the London Stock Exchange, which will take effect on the morning of 1 May until it is able to finalise and publish its accounts.
Shares in Argo Blockchain, which listed publicly in 2018, fell as much as a fifth on Wednesday, reaching a low of 2.34p, following the announcement.
Though the company has been unable to publish its full accounts for 2024, it has released unaudited preliminary figures that suggest losses widened last year by more than 50%, reaching $54.4m (£40.7m). Revenue for the period fell 7% to $47m (£35.2m).
This news follows the resignation of Argo Blockchain CEO Thomas Chippas in January, who had held the role for just over a year.
Founded in 2017, London-based Argo Blockchain operates cryptocurrency mining facilities in Quebec and Texas.
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