NEW YORK, Oct. 14, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Argo Blockchain plc, Inc. (“Argo” or the “Company”) (NASDAQ: ARBK). Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.

The investigation concerns whether Argo and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On or about September 22, 2021, Argo completed its initial public offering (“IPO”), selling 7.5 million American Depositary Shares (“ADSs”) at a price of $15.00 per ADS.

On October 7, 2022, Argo issued a press release announc[ing] several strategic moves aimed at bringing additional capital into the business and ensuring the business has the working capital needed to execute on its current strategy and meet its commitments over the next twelve months.” Argo explained that Argo, in addition to taking steps to reduce costs and preserve capital, has signed a non-binding letter of intent with a subsidiary of New York Digital Investment Group to amend its existing equipment financing arrangement; plans to sell 3,400 mining machines for £6 million in cash; and intends to raise approximately £24m via a proposed subscription with a strategic investor.

As a result of this news, Argo’s ADS price fell $0.97 per ADS, or 23.26%, to close at $3.20 per ADS on October 7, 2022.

Then, on October 11, 2022, Argo issued an operational update press release announcing that “[d]In September, Argo mined 215 bitcoin or bitcoin equivalents (collectively BTC), compared to 235 BTC in August 2022. The decline in mined BTC is primarily due to a 12% increase in average network difficulties in September. Additionally, the company continues to restrict operations at its Helios facility…