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Argo Blockchain jumps 17% on OTCQX in two days as it preps for Nasdaq IPO

PUBLISHED ON 2021-09-15 21:39:00 EST Arghyadeep


Shares of crypto-miner Argo Blockchain PLC jumped more than 16.5% on the Over-The-Counter (OTC) market in the past two days after the firm said it is planning a public debut on Nasdaq.

The UK-based firm, on Tuesday, said it will be offering 7.5 million American depository receipts (ADR) and expected the shares to list on the Nasdaq under the ticker symbol “ARBK”.

Agro, which is primarily listed on London Stock Exchange, has been considering the possibility of listing on a U.S. stock exchange since July, assumed an offering price of $18.40 per ADS.

Although the price is based on the last reported sale price at 1.33 British pounds, or $1.84 per ordinary share, on the LSE on September 10, the company said the actual offering price “will be determined between us and the underwriters at the time of pricing, and maybe at a discount to the current market price of our ordinary shares on the LSE.”

On Wednesday, Agro surged more than 7.4% to $2.17 on the OTC market, a decentralized market where securities not listed on major exchanges are traded directly by a network of dealers.

The share nearly doubled from its trough in mid-July.

In July, SA Contributor Retirement Pot said that despite Argo’s improving business performance, it’s a speculative investment because the company’s value “rests totally on crypto mining, over which the company has no control.”

Argo is considered an industry leader in the UK within the fields of sustainable blockchain infrastructure development and cryptocurrency mining, and the market is expecting its Nasdaq debut will spark interest among both the stock and the crypto investors.

Moreover, the fascination with cryptocurrency has increased the need for Bitcoin mining, and all the mining-related companies are trying to expand to U.S. investors.

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