Mining company Argo Blockchain announces departure of former interim CEO and COO
Argo Blockchain, a mining company, has announced that its former interim CEO and COO Seif El-Bakly has stepped down from his position to pursue other opportunities. The company made this announcement in an Operation Update report on January 8. While the specific reason for El-Bakly’s departure was not disclosed, the report mentions that he decided to explore other opportunities. El-Bakly had served as Argo’s interim CEO from February to November 2023, following the departure of Peter Wall, the former head of the company.
Operations team reporting to Argo CSO Sebastien Chalus
Since February 2023, the operations team at Argo has been reporting to Argo CSO Sebastien Chalus. Chalus will continue to oversee all operations moving forward.
Following the news of El-Bakly’s departure, Argo shares (ARBK) on Nasdaq experienced a momentary drop of 8.6% to $3.36. As a result, the company’s market capitalization fell to $183.7 million, according to data from the stock exchange.
In December 2023, Argo revealed that it mined 155 BTC, representing a 4% increase in daily Bitcoin production compared to November 2023. This increase was driven by increased transaction fees on the network and greater operational efficiency offset by an increase in network difficulty. Additionally, Argo announced the completion of a placing of 38 million shares, resulting in gross proceeds of $9.9 million.
Placing proceeds to be used for working capital and debt repayment
The net proceeds from the share placing are expected to be used by Argo for working capital, the repayment of debt, and general corporate purposes. 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.
Hot Take: Argo Blockchain’s Former Interim CEO and COO Steps Down
Mining company Argo Blockchain has announced the departure of its former interim CEO and COO Seif El-Bakly. El-Bakly decided to leave the firm to pursue other opportunities. The operations team will continue to report to Argo CSO Sebastien Chalus, who has been overseeing all operations since February 2023. Following the news, Argo shares on Nasdaq experienced a momentary drop of 8.6%, resulting in a decline in market capitalization. However, Argo reported an increase in Bitcoin production in December 2023 and completed a share placing that yielded gross proceeds of $9.9 million. The net proceeds from the share placing will be used for various purposes including working capital and debt repayment.
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