COO’s exit from Argo Blockchain leads to an 8% drop in company shares.
Argo Blockchain, a mining company, has announced that its former interim CEO and COO, Seif El-Bakly, has resigned from his position to pursue other opportunities. In an Operation Update report released on January 8th, Argo Blockchain stated that El-Bakly is no longer with the firm as of January 5th. While the reason for his departure was not disclosed, the report mentioned that El-Bakly has decided to explore other opportunities.
El-Bakly had been serving as Argo’s interim CEO since February 2023, following the departure of the company’s former head, Peter Wall. The report mentioned that since February 2023, the operations team has been reporting to Argo’s CSO, Sebastien Chalus, who will continue to oversee all operations going forward.
Following the news, shares of Argo (ARBK) on Nasdaq experienced a sudden drop of 8.6% to $3.36, resulting in the firm’s market capitalization falling to $183.7 million, according to data from the stock exchange.
Argo also disclosed that in December 2023, the firm mined 155 BTC, which represents a 4% increase in daily Bitcoin production compared to November 2023. This increase was driven by higher transaction fees on the network, improved operational efficiency, and offset by an increase in network difficulty.
Furthermore, Argo announced the completion of a placing of 38 million shares, which generated gross proceeds of $9.9 million. The net proceeds from the placing are expected to be used for working capital, debt repayment, and general corporate purposes, as stated in a document released by Argo. The placing is limited to certain institutional investors who have already subscribed, and it should not be considered an offer or solicitation to purchase or subscribe for securities in the United States.
Read more: Argo Blockchain has appointed a former CBOE digital leader as its new CEO. Follow Us on Google News.
