Cryptocurrency miner Argo Blockchain PLC - ADR (NASDAQ:ARBK) on Monday warned its shareholders of an imminent collapse if it failed to garner further financing, leading to its stock price nose-diving by over 50% amid a slump in the digital assets market.
In a letter to its shareholders, the firm stated that it was looking to raise about 24 million British pounds ($27 million) via a subscription for ordinary shares, however, “the company no longer believes that this subscription will be consummated under the previously announced terms.”
