The High Court in London approved Argo Blockchain’s request to convene three meetings on December 2, 2025, to vote on a restructuring plan under Part 26A of the Companies Act. A sanction hearing is scheduled for December 8, 2025, after which the plan could be implemented if approved.
The plan is designed to stabilize Argo’s finances after a prolonged slump in cryptocurrency prices and rising debt costs. Kroll’s valuation of the business as a going concern is $30.5–$35.3 million, compared with $8 million under an insolvency scenario, underscoring the severity of the company’s liquidity constraints. Argo’s cash balance was only $753,000 as of September 7, 2025, and the company has a material uncertainty about its ability to continue as a going concern.
Under the restructuring, existing shareholders will be diluted to 2.5 % of the company’s equity, while Growler Mining Tuscaloosa, LLC will convert its secured debt into 87.5 % of the equity, provide $3.5 million in exit capital, and contribute assets valued at $25–$30 million. The plan also includes delisting Argo’s shares from the London Stock Exchange while maintaining its Nasdaq listing, which remains at risk of delisting because the ADRs have traded below the $1.00 minimum bid price since January 2025.
Market reaction to the court approval was negative, reflecting investors’ concerns about the significant dilution for existing shareholders, the shift of control to creditors, and the ongoing threat of Nasdaq delisting. The restructuring is a critical step for Argo to avoid insolvency, but it also signals a substantial loss of value for current equity holders.
The next key milestone is the sanction hearing on December 8, 2025. If the plan is approved, Argo will move forward with the proposed capital structure changes, debt conversion, and asset contributions, aiming to restore financial stability and provide a path toward sustainable operations.
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