Bitcoin miner Argo's $27M funding plan failed
2022/10/31 08:24
As previously disclosed, the Company signed a non-binding LOI with a strategic investor to raise approximately £24 million ($27 million) via a subscription for ordinary shares. The Company no longer believes that this subscription will be consummated under the previously announced terms. Argo is continuing to explore other financing opportunities.
The Company has also taken steps to further maximize liquidity and preserve cash. The Company sold 3,843 new-in-box Bitmain S19J Pro machines, representing ~384 PH/s of total hashrate capacity, for cash proceeds of ~£4.8 million ($5.6 million). These machines are the last batch of the original Bitmain order scheduled for installation in October 2022. As a result, the Company's total hashrate capacity remains at 2.5 EH/s.
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