Argo CEO follows resignation trend after company acquisition by Galaxy Digital

The cryptocurrency miner Argo continues to endure a sequence of firm adjustments in mild of its main acquisition and newly filed lawsuit. 

Peter Wall, the CEO of Argo Blockchain, announced his resignation from his government place on Feb. 9. 

In line with the announcement, Wall will stay an adviser to Argo all through the following three months to help the transition out of the place. He additionally commented that he was “happy” to have spearheaded the current Galaxy Digital acquisition deal.

In the identical announcement, the corporate additionally revealed the resignation of Argo board member Sarah Gow. This improvement is because of well being causes.

Nevertheless, only one week earlier than these firm adjustments, Argo misplaced its chief monetary officer Alex Appleton in yet one more resignation.

That announcement, on Feb. 1, stated Appleton resigned to “pursue different alternatives,” based on a submitting with the London Inventory Alternate. This coincided with the finalization of the sale of the Helios facility to Galaxy Digital Holdings.

Appleton had been with the corporate in his government function since September 2020.

Associated: Bitcoin mining income jumps up 50% to $23M in a single month

That is the newest improvement in a sequence of adjustments for Argo, which started in late December 2022 when it reported inadequate funds and little assurance of avoiding submitting for Chapter 11 chapter.

A number of weeks after this announcement, the corporate revealed that it offered its high Helios mining facility to the worldwide crypto-focused monetary companies agency Galaxy Digital for $65 million. This helped Argo cut back its complete debt by $41 million.

The acquisition was an element that helped Argo regain compliance with the Nasdaq minimal bid value rule. This entails sustaining the inventory’s minimal bid value of $1 for 30 straight buying and selling days.

Nevertheless, a lawsuit filed on Jan. 26 focused Argo and several other of its executives and board members for failing to reveal key info to buyers.

The case claims the corporate didn’t disclose its susceptibility towards capital constraints, electrical energy prices and community difficulties.

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