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- Argo Blockchain has delayed its 2024 financial file which means of Securities and Exchange Commission-mandated restatements
- The firm has requested a immediate-term suspension of its shares on the London Stock Exchange starting Can even simply 1, 2025
- Preliminary outcomes point out a widened secure lack of $54.4 million for 2024
UK Bitcoin mining agency Argo Blockchain has postponed the liberate of its 2024 financial statements, citing the must restate outdated experiences following Securities and Exchange Commission (SEC) feedback. Which signifies that, the firm has requested a immediate-term suspension of its shares on the London Stock Exchange, efficient Can even simply 1, 2025. This transfer follows financial strife in monotonous 2022 when its shares were moreover suspended pending an anticipated economic ruin.
Monetary File Delayed
Argo Blockchain’s financial statements were within the muse due by April 30, 2025, nonetheless are if truth be told expected around Can even simply 9, with the postponement attributed to the time and resources wished to amend the firm’s 2023 annual file following feedback from the SEC concerning the accounting treatment of digital assets. As a outcomes of the lengthen, Argo has requested a immediate-term suspension of its traditional shares from the Decent List of the UK’s Monetary Conduct Authority and from buying and selling on the London Stock Exchange’s Major Market, efficient from Can even simply 1, 2025. The firm plans to stumble on reinstatement of its share list following the publication of the 2024 financial statements.
The SEC’s overview of Argo’s Make 20-F for the year ended December 31, 2023, necessitated clarification of the accounting treatment for the firm’s digital assets. Argo filed the restated accounts on April 22, 2025, with the SEC polishing off its overview by April 25, 2025. The restatement resulted in a diminished secure loss for 2023 and 2022 and a decreased secure earnings for 2021, alongside a reclassification of cash flows between working and investing activities. Importantly, there modified into once no alternate to the reported income or cash.
Preliminary Experiences Camouflage $54.4 Million Loss
2022 and 2023 were complex years for Argo, with the dwindling Bitcoin designate and increasing vitality charges seeing it flirting with economic ruin. Which signifies that, buying and selling of shares modified into once suspended, with the firm finest surviving after selling off a newly opened U.S. arm.
In the period in-between, Argo has supplied unaudited preliminary financial highlights for 2024, which point out a full income of $47.0 million and a secure lack of $54.4 million. The cash steadiness as of December 31, 2024, stood at $8.6 million.
