Argo Blockchain Announces Shares-to-ADS Conversion Terms Ahead of London Exit

Argo Blockchain's shares are down 11% after announcing the conversion of ordinary shares into American Depositary Shares (ADSs) as part of its restructuring plan. The company plans to delist from the London Stock Exchange and retain a matched bargain facility for six months. ADS conversions will reflect the current ratio of one ADS for ten ordinary shares, but will change to one ADS for 2,160 ordinary shares after implementation to comply with Nasdaq listing requirements. Shareholders converting post-implementation may receive fractional entitlements that will be aggregated and sold.