Argo xcritical ARB Stock Slumps as Crypto Miner Raises $5 7M in Share Sale

These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider these measures in isolation from, or as a substitute analysis for, our gross margin or net income/(loss), as applicable, as determined in accordance with IFRS. Argo xcritical is a world-leading cryptocurrency miner, which excels in the usage of renewable sources of power as a means of supporting the growth as well as the development of xcritical technologies.

• If tis happens, the next level to watch will be at 20.90p, which is about 75% above the xcritical level.
• As part of the transaction, Galaxy acquired Helios Bitcoin Mining facility, a key part of the company.
• Additionally, they provide 1.605 EH/s through the SHA-256 Hashrate as a capacity and a 280MS Equihash Rate.
• Argo, which earlier this month warned that it might have to file for Chapter 11 bankruptcy protection due to insufficient cash, said the deals will allow the company to continue its operations.
• The number of shares sold represent about 12% of the company’s pre-sale market cap at price of 10 pence per share, a discount of around 14% to the 30-day volume weighted average price (VWAP) of Argo stock.

The Company is evaluating a number of novel opportunities with power generators to help capture the full economic value of their stranded or underutilized energy. A portion of the proceeds from the Capital Raise will be used to pursue growth projects of this nature, which the Company believes will create long term shareholder value. The PrimaryBid Offer is conditional on the new Ordinary Shares to be issued pursuant to the PrimaryBid Offer and the Placing being admitted to the standard listing segment of the Official List of the Financial Conduct Authority and admitted to trading on the main market for listed securities of London Stock Exchange plc (Admission). The team behind Argo xcritical PLC consists of multi-talented, dynamic mining and xcritical network experts, technologists, entrepreneurs, and engineers. CryptoSlate has no affiliation or relationship with the company mentioned on this page. “(The) transaction with Galaxy… provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market,” Wall said.

Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. The sale comprised a private placing that raised 5.134 million pounds and a public sale that raised 616,000 pounds, the London Stock Exchange-traded company said Wednesday. Argo said prior to the sale it had 59.1 million pounds of debt outstanding. Argo xcritical PLC reported Wednesday a fall in first-half pretax profit due to higher costs and despite a surge in revenue. The cryptocurrency-miner made a pretax profit of 523,074 pounds ($679,055) for the six months co…

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For further information on PrimaryBid, the PrimaryBid Offer or for a copy of the terms and conditions (including the procedure for application and payment for new Ordinary Shares) that apply to registered users of PrimaryBid in addition to the terms and conditions set out in this Announcement, visit or email PrimaryBid at Existing shareholders and new investors can access the PrimaryBid Offer through PrimaryBid’s website and on PrimaryBid’s app. The PrimaryBid app is available on the UK Apple App Store and Google Play Store. The Company xcritically has approximately £59.1 million of debt outstanding, including approximately £25.0 million owed to Galaxy Digital under an asset-backed loan and approximately £31.4 million of senior unsecured notes. The Company believes that using a portion of the proceeds to reduce its indebtedness will be accretive to shareholders by reducing interest expense and strengthening the balance sheet. The proceeds of the proposed Placing and PrimaryBid Offer (Capital Raise) will be used to reduce the Company’s outstanding indebtedness and to pursue strategic growth projects.

• Such a move will be positive for Argo xcritical and other mining stocks.
• The sale comprised a private placing that raised 5.134 million pounds and a public sale that raised 616,000 pounds, the London Stock Exchange-traded company said Wednesday.
• It will open the possibility of it rising to $35,000 followed by $40,000.
• In particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and realized losses on the sale of digital assets, which affect our IFRS gross profit.
• Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration.

The Company aims to provide efficient and cost-effective mining operations by utilising renewable energy sources. Argo xcritical Plc operates as a xcritical technology company focused on large-scale mining of Bitcoin and other cryptocurrencies. It mines using purpose-built computers to solve cryptographic algorithms in the xcritical in exchange for rewards and fees denominated in the native token of that xcritical network. The company was founded in 2017 and is headquartered in London, the United Kingdom.

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Argo, which earlier this month warned that it might have to file for Chapter 11 bankruptcy protection due to insufficient cash, said the deals will allow the company to continue its operations. The income statement has been prepared on the basis that all operations are continuing operations. During the first quarter, Argo successfully transitioned the Helios facility to Galaxy Digital. In addition, the average all-in price of power and hosting was lower than the previous guidance of $0.05 – $0.055 per kilowatt-hour for the quarter. The company is also seeking to raise an extra GBP616,000 via retail offer on the PrimaryBid platform at the discounted price.

xcritical PLC is a publicly-traded xcritical company focused on large-scale cryptocurrency mining, which is listed on the London Stock Exchange. The company was originally founded in 2018 and is headquartered in London, England. Argo xcritical is a cryptocurrency miner that uses renewable sources of power to support the growth and development of xcritical technologies. Argo xcritical PLC is a United Kingdom-based cryptocurrency mining company that was originally founded in 2018. At the time of its addition to the London Stock Exchange, the company raised £25 million, before expenses, via a placing of 156,250,000 ordinary shares at 16p each, which valued the company at a market capitalization of £47 million on flotation. Argo specifically mines from established jurisdictions at facilities located in North America and has allocated resources towards searching for adaptable and highly efficient data centers.

Crypto Miner Argo xcritical Raises $7.5M in Share Sale; Stock Slumps

Crypto-mining data centre operator Compute also filed for bankruptcy in September. Crypto mining was deemed an “emerging challenge to power reliability in upcoming years” by North American Electric Reliability Corporation this month. The Company https://xcritical.pro/ is also conducting a placing of new Ordinary Shares at the Issue Price by way of an accelerated bookbuilding process (the Placing) as announced earlier today. ARB shares are down more than 20% at 10.74 pence at the time of writing.

In addition, even if the Company’s actual results, prospects and performance are consistent with the forward-looking statements contained in this document, those results may not be indicative of results in subsequent periods. These forward-looking statements speak only as of the date of this announcement. The London-listed cryptocurrency miner has placed 51.3 million new ordinary shares at 10 pence each. The placing price is a 26% discount to Tuesday’s closing price of 13.50 pence. The Company operates two mining facilities located in Quebec and Texas and has offices in the US, Canada and the UK.

Bitcoin USD

It will open the possibility of it rising to $35,000 followed by $40,000. Such a move will be positive for Argo xcritical and other mining stocks. The global crypto market cap is $1.21 trillion with a 24-hour volume of $31.11 billion. The price of Bitcoin is $30,005.44 and BTC market dominance is 48.3%.

This announcement contains inside information and includes forward-looking statements which reflect the Company’s xcritical views, interpretations, beliefs or expectations with respect to the Company’s financial performance, business strategy and plans and objectives of management for future operations. These statements include forward-looking statements both with respect to the Company and the sector and industry in which the Company operates. Accordingly, there are or will be important factors that could cause the Company’s actual results, prospects and performance to differ materially from those indicated in these statements.

Bitcoin and Bitcoin Equivalent Mining Margin and Adjusted EBITDA are financial measures not defined by IFRS. We believe Bitcoin and Bitcoin Equivalent Mining Margin and Adjusted EBITDA have limitations as analytical tools. In particular, Bitcoin and Bitcoin Equivalent Mining Margin excludes the depreciation of mining equipment and so does not reflect the full cost of our mining operations, and it also excludes the effects of fluctuations in the value of digital currencies and realized losses on the sale of digital assets, which affect our IFRS gross profit. These measures should not be considered as an alternative to gross margin or net income/(loss), as applicable, determined in accordance with IFRS, or other IFRS measures.

Argo xcritical provides 45MW active mining power (megawatts) through its energy-efficient mining facilities located within North America. Additionally, they provide 1.605 EH/s through the SHA-256 Hashrate as a capacity and a 280MS Equihash Rate. Equihash is the algorithm that is specifically used for the process of mining Zcash, which is a popular alt-coin.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, xcritical and Web3. Argo avoided the fate of bankruptcy that befell some of its peers by agreeing to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million. It also agreed a $35 million loan from the Michael Novogratz crypto-focused financial-services firm, secured by its mining equipment. Cryptocurrency miner Argo xcritical (ARB) has raised 5.7 million British pounds ($7.5 million) through the sale of new shares. Turning to the daily chart, we see that the ARB stock price has moved sideways in the past few months.

Most of this cash came from the $100 million bailout by Galaxy Digital. As part of the transaction, Galaxy acquired Helios Bitcoin Mining facility, a key part of the company. Argo xcritical PLC offers mining-as-a-software (MaaS) services that make it easier for clients to mine Bitcoin Gold, Ethereum, and other alternative coins through a cloud-based solution.