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Argo Blockchain PLC - London-based blockchain technology company - Says a £24 million fundraising from a strategic investor is no longer likely to go ahead under previously announced terms.
"Argo is continuing to explore other financing opportunities," the company says.
To "further maximise liquidity" company has sold 3,834 new-in-box Bitmain S19J Pro machines, for around £4.8 million.
"While Argo is exploring other financing opportunities, there can be no assurance that any definitive agreements will be signed or that any transactions will be consummated. Should Argo be unsuccessful in completing any further financing, Argo would become cash flow negative in the near term and would need to curtail or cease operations," Argo cautions. "The company is endeavouring to complete such financing transactions to provide the company with working capital sufficient for its present requirements, that is for at least the next twelve months from the date of this announcement."
Current stock price: 7.77 pence, down 50% in London on Monday
12-month change: down 94%
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