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The latest announcement is out from Argo Blockchain ( (GB:ARB) ).
Argo Blockchain announced that the High Court of Justice has sanctioned its restructuring plan, leading to the delisting of its shares from the London Stock Exchange and the establishment of a new share dealing facility with JP Jenkins. The restructuring involves issuing new shares and American Depositary Receipts to bondholders and Growler Mining Tuscaloosa, LLC, in exchange for financial contributions and infrastructure support. This plan aims to recapitalize Argo’s balance sheet, enhance its mining operations, and strengthen its position as a leading energy infrastructure operator.
The most recent analyst rating on (GB:ARB) stock is a Sell with a £0.97 price target. To see the full list of analyst forecasts on Argo Blockchain stock, see the GB:ARB Stock Forecast page.
Spark’s Take on GB:ARB Stock
According to Spark, TipRanks’ AI Analyst, GB:ARB is a Underperform.
Argo Blockchain’s overall stock score is primarily impacted by its poor financial performance and bearish technical indicators. The company’s significant financial challenges, including declining revenues, operational losses, and cash flow issues, are major concerns. The technical analysis further supports a negative outlook with bearish trends. Although the restructuring plan offers some hope for stabilization, the risks associated with delisting and shareholder dilution weigh heavily on the score.
To see Spark’s full report on GB:ARB stock, click here.
More about Argo Blockchain
Argo Blockchain plc is a blockchain technology company focused on large-scale cryptocurrency mining. With a mining facility in Quebec and offices in the US, Canada, and the UK, Argo’s global, sustainable operations are predominantly powered by renewable energy. In 2021, Argo became the first climate positive cryptocurrency mining company, and a signatory to the Crypto Climate Accord.
Average Trading Volume: 6,275,803
Technical Sentiment Signal: Sell
Current Market Cap: £7.17M
For detailed information about ARB stock, go to TipRanks’ Stock Analysis page.