According to a recent regulatory filing, Argo Blockchain’s interim chief executive, Jim MacCallum, has acquired 75,000 company shares in an insider transaction.
The purchase, made in the form of American Depositary Receipts (ADRs) on Nasdaq, occurred between January 29 and 30 at prices ranging from $0.4550 to $0.4700 per share.
The company’s CFO spent approximately $34,625 on the shares, with an average purchase price of $0.4617 per ADR. Following the disclosure of his acquisition, Argo’s shares on the London Stock Exchange saw a 2.27% increase, reaching 4.5 GBX.
His investment is critical for Argo Blockchain as the company undergoes a leadership transition. The transaction follows the recent announcement that CEO Thomas Chippas will step down on February 28, less than a year after joining in November 2023. MacCallum has already assumed the role of interim CEO while the company searches for a permanent replacement.
During his tenure, Chippas took steps to strengthen Argo’s financial position, including early repayment of a loan to Galaxy Digital. However, the company continues to face significant financial challenges. In its Q3 2024 report, Argo disclosed a $6.3 million net loss and a 28% year-over-year decline in revenue, which fell to $7.5 million.
Argo raised £5.75 million (approximately $7.5 million) to strengthen its operations through a share offering that received strong interest from institutional and retail investors. The company initially planned to issue a minimum of 47.75 million additional ordinary shares, targeting £4.78 million ($6.18 million) in funding. However, due to high demand, the offering was oversubscribed. Argo sold 51.34 million new ordinary shares to institutional investors for 10 pence each, raising approximately £5.13 million ($6.64 million). Additionally, retail investors raised £616,000 ($797,000) for 6.16 million shares at the same price. The funds will be used to relocate or sell mining equipment from the Helios facility in Texas and to maintain mining operations in Quebec.
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