Argo Blockchain stock dinged after some representatives shared non-public info

Time:2022-01-02 Source: 976 views Trending Copy share

Argo Blockchain (ARBK -0.5%) stock dipped as much as 8.7% after the cryptocurrency miner clarifies that it didn't claim that a type of coding technology could boost its hash rate by 25%.
The company said it inadvertently disclosed some potentially material non-public information in a meeting with a person named Anthony Coyle. Coyle then published via Twitter a report that included some of that information.
"Coyle wrote that Argo (NASDAQ:ARBK) claimed a 25% uplift in hash-rate resulting from the use of immersion coding technology," the company said in a filing. "Argo does not have sufficient data to make such a claim, and did not claim this," it added.
A representative of the company also told Coyle that the company might consider that generating about 20% of its total revenue from crypto other than bitcoin as an acceptable level. "This was not intended as a forecast, but rather to provide directional insight into the potential level of diversification that Argo (ARBK) currently believes could be acceptable," the company said.
In addition, the company representatives disclosed a 500% return on its investment in certain Equihash machines bought in June 2020. The company clarifies that the purchase was for a total of ~$474K and the ROI for the purchase "was not in itself material to Argo's business."
The discussion also included several statements about the future price of bitcoin and the future profitability of mining that were those of the individuals and don't represent the views of Argo (ARBK), the company said.

By: Liz Kiesche

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