Argo Blockchain provides update on liquidity, in advanced talks to sell certain assets

Argo Blockchain ( OTCQX:ARBKF ) said Monday it is at risk of having insufficient cash to support ongoing operations within the next month. The cryptocurrency miner is in advanced talks with a third party to sell certain assets and engage in an equipment financing deal that it expects will strengthen its balance sheet and improve liquidity. Argo ( OTCQX:ARBKF ) hopes it will be able to close the deal outside of a voluntary Chapter 11 bankruptcy filing in the U.S. However, there is no assurance it can avoid such a filing. Argo ( OTCQX:ARBKF ) said as part of this process, certain draft materials were inadvertently published on its website, which implied that it was filing for Chapter 11 bankruptcy. This led to the suspension of trading of its stock on the London Stock Exchange and Nasdaq on December 9. The firm clarified that it has not filed for bankruptcy at this time. Argo ( OTCQX:ARBKF ) requested the U.K. Financial Conduct Authority to restore the listing of its shares, which is expected as soon as practicable. The company earlier said it did not expect to close its planned fundraising, which led to multiple downgrades on account of cash flow and broader industry headwinds .