News

Argo Blockchain’s Deal To Raise $27 Million Has Fallen Through

Argo Blockchain, a Bitcoin miner registered in the United Kingdom, has stated that it may soon face negative cash flow after a funding arrangement fell through.
Argo Blockchain's Deal To Raise $27 Million Has Fallen Through 2

Argo Blockchain has announced that a proposal to raise 24 million British pounds ($27 million) from a strategic investor has fallen through, sending the Bitcoin mining company’s stock down 72%.

The London-based business, which signed a letter of intent earlier this month to sell 87 million shares to the investor to relieve liquidity problems, could not explain why the transaction had been called off. It negotiates other transactions to provide working cash for the next 12 months.

The company said in a statement:

“While Argo is exploring other financing opportunities, there can be no assurance that any definitive agreements will be signed or that any transactions will be consummated. Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations.”

Core Scientific also informed investors last week that it may have to consider bankruptcy; this is just one of many examples demonstrating that the Bitcoin mining business is at a crossroads as it contends with skyrocketing energy expenses and a stagnant value of cryptocurrency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

3 minutes ago

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

2 hours ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

2 hours ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

3 hours ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

4 hours ago

This website uses cookies.