It is a shame about ARB. It had great prospects, but blew them by overextending its balance sheet, being forced into a fire sale of its assets, and being left with a rump business with no route to profitability. Without commercial acumen a visionary concept has resulted only in the burning of hundreds of millions of shareholder capital.
Something is better than nothing. Sell and preserve what little remains of your capital invested here. It is galling for those who were in before the price spike and failed to sell when they could have made a substantial profit, and worse for those who bought at the top, but that is no reason to hang on and suffer an even worse loss. |
By my calcs (could be wrong) the ADR should trade at 90c which is equiv to 7.25p. If this happens it will be below the $1 limit for Nasdaq and they have to justify this or get booted off. I think they have a month or so to make a representation to the NASDAQ exchange to say what they will do but they'll be off to the Pinks otherwise. |
Good time for a look at YTD for GLXY vs ARBK: |
The machines are worth at most $9m. The Q datacenter has book value of $6.2m. Debt is $40m. Equity has no value. |
hxxps://uk.linkedin.com/in/sath-ganesarajah |
Brutal update for all concerned. But the writing was on the wall. They may sell the machines and wind up the company |
Argo seem to be having a last ditch attempt to partner with BE Global Dev Ltd. But BE seems a tiny newly formed business (see companies house
S. GANESARAJAH (CEO of BE Global) also seems to be associated with Lake Parime which went bust after some hair brained schemes didn't work hxxps://www.datacenterdynamics.com/en/news/crypto-firm-lake-parime-calls-in-administrators-sold-to-statar-mining/
In around 50 days Argo will have no mining operations apart from some tiny operations in Quebec. A partnership with a newly formed tiny UK company with no track record where one of the officers seems to have gone bankrupt in their last venture.
They have $40m of debt with no way to repay it and mining kit that looses money when you plug in unless you have very cheap power and almost free hosting, which might be worth $9m at a push.
It's toast! |
QBT UP 10% in early trading........KEEP SWITCHING INTO QBT ✔🚀28176;👍297;📈 |
5p today? Next week? Coco? 🤡 |
Excellent post JakNife.
mr bernard castle seems a little bitter, poor chap. |
Wow “chump”. First time I’ve heard that.
Remember to sell QBT on the spike. Problem is you won’t know what price the spike will fail at.
Here’s a bit of advice from an old hand: Don’t be greedy.
Not too late to buy ETH chap. |
lol Chump
Only 2 days ago Argo were still calling themself "a global leader in cryptocurrency mining"
....now they are homeless, as several of us predicted.
Your money was safer in QBT and still is.
Sell this first thing tomorrow if you can Chump. Don't buy QBT if you don't like it i don't care..... but sell this. |
To be fair to ARB, its business is not imaginary like QBT’s. |
Original ceo escaped with $5mln ish I recall. He’s quite young though so 5mln might not last and some new BS venture might be needed somewhere where he’s not known. |
Haha, spending 100s of millions of dollars on building the Helios facility, selling it for peanuts to survive and now being kicked out with its 23k machines. How many millions would it cost to set those yup elsewhere. Company is basically bankrupt now. What a complete sh*t show. Management new and old and utter disgrace. Expect this to go to zero very quickly. |
Thanks easybrent. That helped me today. |
buy at 4p or 1.75 |
Tomorrow sub 5p?
Switch into QBT |
Get out while you can. |
Whoops. Double hit |
Answers my question, well done whoever posted above! |
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