In an insider transaction, the interim CEO of Argo Blockchain purchases 75,000 shares.
In an insider deal, Jim MacCallum, the company's acting CEO, purchased almost 70,000 shares of Argo Blockchain. In a regulatory filing, Argo Blockchain said that Jim MacCallum, its temporary CEO, bought 75,000 of the company's shares between January 29 and January 30 in the form of American Depositary Receipts, which are shares that are traded in the United States and represent equity of foreign companies. According to the report, the shares were purchased at Nasdaq values between $0.4550 and $0.4700 each.
MacCallum purchased the shares for around $34,625 in total, with an average price of $0.4617 per ADR. The disclosure of the insider acquisition was mandated by requirements for individuals carrying out managerial duties. Argo's shares on the London Stock Exchange surged 2.27% to 4.5 GBX following the news.
The deal was made a few days after Argo Blockchain revealed that Thomas Chippas, its CEO, would be leaving on February 28. While the business searches for a permanent candidate to take over as CEO, Jim MacCallum, who is now the CFO, has already stepped in as temporary CEO.
Chippas, who arrived in November 2023, boosted Argo's finances by bolstering the balance sheet and paying down a Galaxy loan early, as crypto.news previously reported. Argo is still having difficulties, as seen by its $6.3 million net loss in Q3 2024 and its 28% year-over-year decline in revenue to $7.5 million.
Argo raised $5.3 million by subscribing to shares in December 2024. With the money, mining equipment from the Helios operation in Texas will be sold or relocated. Additionally, it will help keep things running in Quebec. A five-month low of 39 Bitcoin was mined in December, the same amount as in November, which led the business to claim flat production earlier.