Argo Blockchain announced its plan to delist from the London Stock Exchange, with the delisting expected to take effect on December 9. The company intends to retain its Nasdaq listing. This decision comes alongside the finalization of a restructuring plan where Growler Mining LLC, a creditor and supplier, will convert debt into equity and subsequently hold 87.5% of Argo's recapitalized equity.
Under the finalized terms, Argo's bondholders will own 10% of the company, while current shareholders will retain ownership of only 2.5% of the continuing company. This represents a drastic reduction in existing shareholder value and control.
Argo also noted that it has drawn approximately US$5.38 million from its US$7.5 million loan facility with Growler. UK-based shareholders will continue to hold their rights post-London delisting, but the regulatory protections of the UK market will no longer apply, marking a significant change in the company's market presence and governance.
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