Bitcoin miner Argo regains compliance with Nasdaq minimum bid price rule

Between bullish action in cryptocurrency marketsBitcoin (BTC) Mining company Argo Blockchain has regained share listing compliance with Nasdaq.

Argo officially Announced on Jan. 23 that the company regained compliance with Nasdaq's minimum offering price rule amid the stock price rally.

Argo has been informed by the Nasdaq Public Ratings Department that it has successfully met the requirement to maintain a minimum closing offer price of $1 for ten consecutive business days. This requirement was met on January 13, and Nasdaq confirmed that it considers the matter closed.

The announcement comes about a month after Nasdaq. notified Argo on December 16 that the company did not meet Nasdaq's minimum offering price requirement. The problem arose because Argo's common shares failed to maintain the $1 minimum offer price for the preceding 30 consecutive business days, as required by Nasdaq listing rules.

Also, financial woes amid escalating energy costs and declining Bitcoin (BTC) prices had forced the mining company to suspend listing on Nasdaq momentarily.

Argo American Depositary Shares (ADS) started trading on the Nasdaq Global Select Market under the ticker symbol ARBK in September 2021. With a debut price of $15, ARBK shares have been gradually selling off, eventually dipping below $1 in October 2022.

Related: Argo Blockchain Sells Major Mining Facility to Galaxy Digital for $65 Million

ARBK shares subsequently began to rally after Nasdaq warned the company of the default in December. According to data from TradingView, shares of Argo briefly reached $1 on December 30, but failed to hold the price. After retesting $1 on January 3, ARBK shares continued to trade above the price level. On January 20, the stock closed at $1.73.

Argo is not the only publicly traded Bitcoin mining company that has been struggling to keep its share price above $1. On December 15, Canadian Bitcoin mining company Bitfarms received a similar warning from Nasdaq on its shares of Bitfarms (BITF).

Unlike ARBK, Bitfarms shares have yet to post enough growth to comply with Nasdaq listing rules. After surpassing $1 on January 12, BITF it fell below the threshold again on January 18. According to Nasdaq requirements, Bitfarms must have its shares trading above $1 for at least 10 days before June 12, 2023.