• Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us
Sixsense News
Advertisement
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
Sixsense News
No Result
View All Result
Home Business

Argo Blockchain stock dips on strategic actions to raise additional capital

Freddie Green by Freddie Green
October 7, 2022
in Business
0


Argo Blockchain (NASDAQ:ARBK) shares dipped 14% premarket on Friday after the cryptocurrency mining firm outlined several strategic actions to bring in additional capital to the business and strengthen its balance sheet.

The company’s profitability and free cash flow generation have reduced lately in the wake of falling bitcoin price and headwinds from the price of both natural gas and electricity.

In addition to measures being undertaken to reduce costs and preserve capital, Argo (ARBK) is pursuing following strategic actions to endure the current period of market dislocation: signed a non-binding letter of intent with an affiliate of New York Digital Investment Group to amend existing equipment financing agreement; plans to sell 3,400 mining machines for cash proceeds of £6M; and intends to raise ~£24M via proposed subscription with a strategic investor.

The amendment to equipment financing agreement will release ~£5M of restricted cash and significantly reduce the company’s debt service payments.

Argo Blockchain (ARBK) also signed a non-binding letter of intent with a strategic investor under which the investor has agreed to subscribe for ~87M ordinary shares for gross proceeds of ~£24M.

These actions, together with cost reductions, will provide the company with sufficient working capital for its present requirements, that is for at least the next 12 months from the date of this announcement.



Source link

Related articles

SAMHI Hotels debuts on Indian exchanges with a premium By Investing.com

September 22, 2023

Asian markets mixed after BOJ leaves monetary policy unchanged (USD:JPY)

September 22, 2023
Tags: actionsAdditionalArgoblockchainCapitaldipsRaisestockstrategic

Related Posts

SAMHI Hotels debuts on Indian exchanges with a premium By Investing.com

by Investing.com
September 22, 2023
0

© Reuters. SAMHI Hotels, a leading Indian hotel ownership and asset management platform, commenced trading on the National Stock Exchange...

Asian markets mixed after BOJ leaves monetary policy unchanged (USD:JPY)

by Freddie Green
September 22, 2023
0

samxmeg Japan -0.43% BOJ maintained its key short-term interest rate at -0.1% and that of 10-year bond yields at around...

HSBC-backed startup is using AI to help banks fight financial crime

by Freddie Green
September 22, 2023
0

The co-founders of Silent Eight, from left to right: Michael Wilkowski, Julia Markiewicz and Martin Markiewicz.Silent EightWARSAW — When it...

Monolithic Power Systems Is Still On Hold (NASDAQ:MPWR)

by Freddie Green
September 22, 2023
0

Bet_Noire/iStock via Getty Images Monolithic Power Systems or MPS (NASDAQ:MPWR), a supplier of analog semiconductors, did something that it has...

Rupert Murdoch’s exit ends chapter for polarising figure in his native Australia By Reuters

by Reuters
September 22, 2023
0

© Reuters. FILE PHOTO: News Corp CEO Rupert Murdoch delivers remarks at an event commemorating the 75th anniversary of the...

Load More

The Art of Posting Real Estate Articles to our Moving Blog

September 22, 2023

Strike ends at Chevron’s Australian LNG facilities By Reuters

September 22, 2023

tesla india entry: Buzz over Tesla’s India entry leaves investors excited. Which auto stocks could be in focus?

September 22, 2023

SAMHI Hotels debuts on Indian exchanges with a premium By Investing.com

September 22, 2023

Bhargav Dasgupta resigns as MD and CEO of ICICI Lombard

September 22, 2023

Asian markets mixed after BOJ leaves monetary policy unchanged (USD:JPY)

September 22, 2023
Sixsense News

© 2022 Sixsense News All Rights Reserved.

Navigate Site

  • Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us

Follow Us

No Result
View All Result
  • #3158 (no title)
  • Business
  • Economy
  • Finance
  • Fintech
  • Insurance
  • Market
  • Startups

© 2022 Sixsense News All Rights Reserved.