Cryptocurrency miner Argo continues to see a number of changes at the company in light of its major acquisition and the recently filed lawsuit.
Peter Wall, CEO of Argo Blockchain, Announced his resignation from his executive position at the company on February 9.
According to the announcement, Wall will remain an adviser to Argo for the next three months to support the transition out of the role. He also commented that he was "pleased" to have spearheaded the recent acquisition deal for Galaxy Digital.
In the same announcement, the company also revealed the resignation of Sarah Gow, a member of Argo's board of directors. This development is due to health reasons.
We announced today that CEO @PeterGWall has resigned as CEO/President.
Seif El-Bakly, CFA (COO) Has Been Appointed Interim CEO; Matthew Shaw has been appointed president.
We thank Peter for his many accomplishments and wish him much success in the future.https://t.co/iPxeeXp7c3
โ Argo (@ArgoBlockchain) February 9, 2023
However, just a week before these changes to the company, Argo lost its CFO, Alex Appleton, in yet another resignation.
That announcement was made on February 1 and said Appleton resigned to "pursue other opportunities," according to a filing with the London Stock Exchange. This coincided with the completion of the sale of the Helios facility to Galaxy Digital Holdings Ltd.
Appleton had been with the company in his executive role since September 2020.
Related: Bitcoin mining revenue surges 50% to $23 million in a month
This is the latest development in a saga of changes for the Argo Blockchain company, which began in late December. when you reported insufficient funds and little assurance of avoiding the need to file for Chapter 11 bankruptcy.
A few weeks after this announcement, the company revealed that sold its main mining facility Helios to global crypto-focused financial services firm Galaxy Digital for $65 million. This helped Argo reduce its total debt by $41 million.
The acquisition was a factor that helped Argo regains Nasdaq compliance minimum bid price rule. This involves maintaining the minimum offer price per share of $1 for 30 consecutive business days.
However, a lawsuit filed on January 26 targeted Argo and several company executives and board members for failing to disclose key information to investors.
The case claims the company failed to disclose its susceptibility to capital constraints, electricity costs and grid difficulties.
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