By Maitane Sardon
Shares in bitcoin miner Argo Blockchain fell after the company said it raised 4.2 million pounds ($5.3 million) through a share subscription to support its strategic plans and its working capital needs.
The U.S. and U.K.-listed blockchain technology company issued 76,900,000 ordinary shares at a purchase price of 5.5 pence a share to an institutional investor. Following the subscription, the company will have a total of 717,250,353 ordinary shares in issue, it said.
Shares traded 24% lower in early European trading on Monday, hitting a two-year low of 6.13 pence. They are down 79% over the year to date.
The funds will help drive the potential relocation or sale of mining equipment at its Helios facility in Texas, while allowing it to maintain its bitcoin mining operations in Quebec, the company said. They will also support its efforts to explore diversification into high-performance computing, it added.
Last month, Argo Blockchain reported revenue of $36.7 million for the nine months ended Sept. 30, up from $34.4 million for the prior-year period. It posted a pretax loss of $39.2 million, compared with a $26.1 million loss a year earlier.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
December 02, 2024 05:35 ET (10:35 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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