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<ul><li>Argo was able to resume compliance with the Nasdaq minimum bid price rule thanks in part to the purchase.</li><li>The corporation allegedly concealed its vulnerability to capital limits, electricity costs, and network issues.</li><li>Since September 2020, Appleton has worked for the corporation in an executive capacity.</li></ul><h2 id="header-0">The CEO of cryptocurrency miner Argo Blockchain is the second executive to leave the business since Galaxy Digital purchased it.</h2><h2 id="header-1"></h2><p>Peter Wall, the CEO of Argo <a href="https://www.coingabbar.com/en/crypto-blogs-details/types-of-blockchain-permissioned-and-permissionless" rel="noopener noreferrer nofollow">Blockchain</a>, announced his resignation from his executive position on February 9th. Wall stated that he was &#34;pleased&#34; to have spearheaded the recent acquisition of Galaxy Digital, and will remain an adviser to Argo for the next three months to ensure a smooth transition.</p><p>In addition, Argo board member Sarah Gow also resigned due to health reasons. This news comes shortly after the company filed a lawsuit, further highlighting the series of changes Argo is currently undergoing.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/1626e510ba614bd8970256e86eb866da.png" /></p><p>Just one week before Argo&#39;s major company changes, the company suffered a major setback with the resignation of its Chief Financial Officer, Alex Appleton. According to a filing with the London Stock Exchange, Appleton resigned to &#34;pursue other opportunities&#34;. This news came shortly after the finalization of the sale of the Helios facility to Galaxy Digital Holdings.</p><p>Appleton had been with the company since September 2020, and his departure marked the latest development in a series of changes for Argo. In late December 2022, the company reported insufficient funds and a lack of assurance that it could avoid filing for Chapter 11 bankruptcy.</p><p>In response, Argo sold its top Helios mining facility to the global <a href="https://www.coingabbar.com/en/crypto-blogs-details/ways-in-which-crypto-enthusiasts-can-remain-compliant-with-tax-regulations" rel="noopener noreferrer nofollow">crypto</a>-focused financial services firm Galaxy Digital for $65 million, helping to reduce its total debt by $41 million. This acquisition was a major factor in helping Argo regain compliance with the Nasdaq minimum bid price rule, which requires the stock&#39;s minimum bid price to remain at $1 for 30 consecutive trading days.</p><p>Unfortunately, the company was hit with a lawsuit on January 26th, alleging that Argo and several of its executives and board members had failed to disclose key information to investors, such as the company&#39;s susceptibility to capital constraints, electricity costs, and network difficulties.</p><p><strong>Also Read - <a href="https://www.coingabbar.com/en/crypto-currency-news/one-of-the-first-crypto-lending-platforms-is-back-in-business-salt-makes-a-comeback" rel="noopener noreferrer nofollow">One of the First Crypto Lending Platforms is Back in Business: SALT Makes a Comeback</a></strong></p>

CEO Resigns After Galaxy Digital Acquires Argo

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Інші статті, опубліковані 10 лют. 2023 р.

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