The London Stock Exchange-listed mining business Argo Blockchain has just launched its IPO on Nasdaq.
The crypto business has issued 7,500,000 American Depositary Shares (ADSs), which are equivalent to 75,000,000 ordinary shares, under the name ARBK on the Nasdaq Global Market in the US.
The likes of £100 million could be raised with this Initial Public Offering considering the closing price of Argo Blockchain ordinary shares at £1.334.
Argo Blockchain has considered the option of going public in the United States since earlier this year. Currently, the company has a market cap of £537 million, equivalent to $745 million.
The recent project of Argo Blockchain is the finalization of the 200 MegaWatt (MW) power capacity mining facility in Texas.
The company reported that it had signed a financing arrangement with Galaxy Digital for £18.05 million (about $25 million) to build up the West Texas plant, using part of the bitcoin it had mined as security back in the 10th of September. Argo’s outstanding principal is now $45 million after the new loan was folded into an existing £14 million (or $20 million) facility.
According to research published in August by The Boatman Capital Research, Argo may have overspent by up to 100 times for the land it purchased for its Texas operation. However, Argo CEO Peter Wall justified the deal by claiming that the price was quite fair considering that this was a project acquisition more than it was a land purchase.
Following the release of the H1 results and today’s developments, CEO @PeterGWall has released a video updating shareholders.
Check it out below.https://t.co/RvbqlM94bQ
Onwards and upwards. #ARB $ARBKF
— Argo (@ArgoBlockchain) August 9, 2021