By Samuel Indyk
Investing.com – Argo Blockchain (LON:ARB) has announced it has begun its Nasdaq initial public offering (IPO) of American Depositary Shares (ADS).
In a statement to the London Stock Exchange, Argo said it is to sell 7.5 million ADS, with each ADS representing 10 ordinary shares, representing an aggregate of 75,000,000 ordinary shares.
At the current market price, the sale will raise just over £100 million, based on Argo’s closing price of 133.4 pence per share on September 10th.
The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Argo Blockchain has applied to list the ADS on the Nasdaq Global Market under the ticker symbol ARBK.
Jefferies and Barclays (LON:BARC) are acting as joint book-running managers for the offering. Canaccord Genuity and Stifel GMP are acting as co-lead managers.
The cryptocurrency miner previously announced it was exploring a secondary listing in the US in July and filed a registration statement with the US Securities and Exchange Commission (SEC) last month.
Earlier this month, the company announced it had signed a loan agreement with Galaxy Digital using a portion of its Bitcoin holding as collateral. The company also raised cash by selling some of its Bitcoin holding in August, selling 61 Bitcoin to generate £2.14 million.
At 09:09BST, shares in Argo Blockchain were trading higher by 7.6% at 140.15 pence per share.