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Argo CEO's Departure: CFO Steps In, Buys $34K Shares Amidst Loss
Generated by AI AgentCoin World
Monday, Feb 3, 2025 5:58 am ET1min read
Argo Blockchain's interim CEO, Jim MacCallum, has purchased 75,000 shares of the company in the form of American Depositary Receipts (ADRs) between January 29 and 30, according to a regulatory filing. The shares were bought on the Nasdaq at prices ranging from $0.4550 to $0.4700 each, with an average price of $0.4617 per ADR. The total cost of the purchase was approximately $34,625.
The insider transaction was disclosed in accordance with regulations for persons discharging managerial responsibilities. Following the news, Argo's shares on the London Stock Exchange rose by 2.27%, reaching 4.5 GBX.
The purchase occurred a few days after Argo Blockchain announced that CEO Thomas Chippas would be stepping down on February 28. Jim MacCallum, currently the CFO, has taken over as interim CEO while the company searches for a permanent replacement.
Chippas, who joined the company in November 2023, helped improve Argo's financial situation by paying off a Galaxy loan early and strengthening the balance sheet. However, Argo is facing challenges, reporting a $6.3 million net loss in Q3 2024 and a 28% drop in revenue year-over-year to $7.5 million.
In December 2024, Argo raised $5.3 million through a share subscription. The funds will be used to relocate or sell mining equipment from the Helios facility in Texas and maintain operations in Quebec. Earlier, the company reported flat production, mining only 39 BTC in December, the same as in November, marking a five-month low.
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