Argo Blockchain's CEO Resigns Following Acquisition By Galaxy Digital
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Argo CEO to Remain An Adviser to The Company for Three Months Post Resignation
According to the announcement, Wall will remain an adviser to Argo throughout the next three months to support the transition out of the position. He also commented that he was “pleased” to have spearheaded the recent Galaxy Digital acquisition deal.
In the same announcement, the company also revealed the resignation of Argo board member Sarah Gow. This development is due to health reasons.
Argo's chief financial officer Alex Appleton had resigned just one week prior to these company changes. Appleton had been with the company in his executive role since September 2020. The company said that Appleton had resigned in order to pursue other opportunities.
Upheaval At The Organization
Argo Blockchain has been going through a series of changes since late December when it reported having insufficient funds and little assurance that it would not file for Chapter 11 bankruptcy. The company announced a few weeks later that it had sold its most advanced Helios mining facility to the global financial services company Galaxy Digital for $65 million. Argo was able to cut its debt by $41 million as a result of this.
Argo was able to regain compliance with the Nasdaq minimum bid price rule as a result of the acquisition. Argo and a number of the company's executives and board members were the targets of a lawsuit that was filed on January 26 for failing to disclose important information to investors. According to the lawsuit, the business did not disclose its vulnerability to capital constraints, electricity costs, and network issues.