Digital money miner Argo has successfully made a series of corporate changes because of its important recycling and newly mentioned lawsuits.
Argo BlockChainCEO John Hall announced his resignation as an executive on February 9th.
According to the announcement, Hall will also serve as a consultant at Argo within three months to support the transition from the position. He also said he was "very happy" to take the lead in the recent Galaxy Digital recycling business.
In the same announcement, the company also announced the resignation of Sarah Gow, a member of Argo's board of directors. This trend is mainly due to physical and mental health.
But just a week before the company changed, Alex Appleton, the chief operating officer of Argo, resigned again.
The statement on February 1 said Appleton resigned to "explore other opportunities", according to a filing with the London Stock Exchange. This is the same as the final decision to sell the Helios factory to Galaxy Digital Holdings.
Appleton has been an executive at the company since September 2020.
This is also the latest news in a series of changes in Argo. Argo originated at the end of December 2022, when the company reported a shortage of funds and had little protection against filing for bankruptcy protection.
A few weeks after the announcement, the company revealed that it was selling its highest-level Helios mining equipment to Star data, a global financial information service company dedicated to encryption algorithms, for $65 million. This helped Argo reduce its total debt by $41 million.
The acquisition is a factor that allows Argo to once again comply with Nasdaq's minimum bidding standards. This requires keeping the minimum purchase price of the stock at $1 for 30 consecutive trading days.
But a lawsuit mentioned on Jan. 26, for Argo and several executives and board members, said it was unable to disclose important information to investors.
According to the case, the company was unable to disclose its sensitivity to asset limits, electricity costs and Internet difficulties.
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