LONDON - Argo Blockchain plc (LSE: ARB) (NASDAQ: ARBK), a company specializing in cryptocurrency mining, has announced the issuance of 154,475 new ordinary shares. These shares, each with a nominal value of £0.001, have been released as part of the 2022 Equity Incentive Plan, which was approved at the company's annual general meeting last year.
The newly issued shares are equivalent in all respects to the current ordinary shares in circulation. The company has also taken steps for these shares to be admitted to the Official List and to commence trading on the London Stock Exchange's Main Market.
Following the issuance, Argo Blockchain's total issued share capital consists of 577,155,838 ordinary shares. The company confirmed that all these shares carry equal voting rights and none are held in treasury. This total number of ordinary shares is now the reference point for shareholders to ascertain if they need to disclose changes in their stake in the company, as per the rules set by the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Argo Blockchain operates as a blockchain technology firm with a focus on large-scale cryptocurrency mining. With its dual listing on the London Stock Exchange and NASDAQ, the company runs mining facilities in Quebec and Texas, and maintains offices in the United States, Canada, and the United Kingdom. Argo prides itself on its sustainable operations, which are largely powered by renewable energy sources. In 2021, the company earned the distinction of being the first climate positive cryptocurrency mining company and joined the Crypto Climate Accord.
This announcement is in accordance with the company's obligations to keep the market informed of changes to its share capital. The information provided in this article is based on a press release statement. For more details about the company and its operations, interested parties may visit Argo Blockchain's website.
InvestingPro Insights
In light of Argo Blockchain's recent share issuance, a closer look at the company's financial health and market performance through InvestingPro's lens offers valuable context. Argo Blockchain's market capitalization now stands at approximately $116.14 million, reflecting the scale of the business in the competitive cryptocurrency mining sector. Despite the company's focus on sustainability and its climate-positive initiatives, the financial metrics reveal a challenging landscape. The company's P/E ratio is deeply negative at -1.39 for the last twelve months as of Q3 2023, which could signal concerns about profitability among investors.
On the performance front, the stock has experienced a significant return over the past week with a 16.13% increase, yet it has also seen a dramatic 42.25% drop from the previous month. This volatility is a key characteristic of Argo Blockchain's stock, as noted in the InvestingPro Tips. The company's short-term obligations also exceed its liquid assets, which may raise questions about its financial resilience in the near term.
Investors interested in a deeper dive into Argo Blockchain's financials and market performance can find additional insights and tips on InvestingPro. Currently, there are over 14 exclusive InvestingPro Tips available, which can help investors make more informed decisions. To take advantage of these insights, consider subscribing to InvestingPro now on a special New Year sale with up to 50% off. Use coupon code SFY24 to get an additional 10% off a 2-year InvestingPro+ subscription, or SFY241 to get an additional 10% off a 1-year InvestingPro+ subscription.
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