Nasdaq plans to delist Bitcoin mining company Argo Blockchain due to its depressed stock price, and the company is applying for a hearing to contest.

[NASDAQ plans to delist Bitcoin mining company Argo Blockchain due to sluggish stock price, company applies for hearing to contest] London-based Bitcoin mining company Argo Blockchain (NASDAQ: ARBK) has been notified by NASDAQ of its intention to delist due to its stock price remaining below $1 for an extended period. The company has failed to maintain the minimum bid requirement since the beginning of the year, triggering a delisting deficiency notice on July 15, with its current stock price at $0.31, a significant drop from $16.60 when it went public in 2021. Argo stated that it will appeal to the Nasdaq hearing committee, and its stock can continue to trade during the hearing. The company has not announced any plans to boost its stock price, such as a merger restructuring, and also admits that it cannot guarantee the success of the appeal or the restoration of compliance. The mining company previously sold its largest mining site in Texas, Helios, in 2022 to avoid bankruptcy and is currently operating a hydropower mining facility located in Quebec, Canada.