Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)
November 17 2021 - 1:27PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN
PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month
of November, 2021
Commission File
Number: 001-40816
Argo
Blockchain plc
(Translation of registrant’s name into English)
9th
Floor
16 Great Queen Street
London WC2B 5DG
England
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F
x Form 40-F
¨
Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
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Item 1.01
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Entry into a Material Definitive Agreement.
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On November 17, 2021, Argo Blockchain plc (the
“Company”) completed the previously announced offering (the "Offering") of $40,000,000, in the aggregate, of the
Company’s 8.75% Senior Notes due 2026 (the “Notes”).
The Notes were sold pursuant to the Company’s Registration Statement
on Form F-1, as amended (File No. 333-260857), which was declared effective by the Securities
and Exchange Commission (the “Commission”) on November 12, 2021. The Notes were issued pursuant to the First Supplemental
Indenture (the “First Supplemental Indenture”), dated as of November 17, 2021, between the Company and Wilmington Savings
Fund Society, FSB, as trustee (the “Trustee”). The First Supplemental Indenture supplements the Indenture entered into by
and between the Company and the Trustee, dated as of November 17, 2021 (the “Base Indenture” and, together with the First
Supplemental Indenture, the “Indenture”).
The public offering price of the Notes was 96.5% of the principal amount
(i.e., $24.125). The Company received net proceeds after discounts and commissions, but before expenses and payment of the structuring
fee, of approximately $38,600,000. The Company intends to use the net proceeds from this Offering for general corporate purposes, the
construction of, and purchase of mining machines for, its Texas cryptocurrency mining facility and potentially acquisitions of, or investments
in, complementary businesses in the cryptocurrency and blockchain technology industries.
The Notes bear interest at the rate of 8.75% per annum. Interest on
the Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year, commencing
January 31, 2022. The Notes will mature on November 30, 2026.
The Company may redeem the Notes for cash in whole or in part at any
time (i) on or after November 30, 2023 and prior to November 30, 2024, at a price equal to 102% of their principal amount,
plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after November 30, 2024 and prior to
November 30, 2025, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the date
of redemption, and (iii) on or after November 30, 2025 and prior to maturity, at a price equal to 100% of their principal amount,
plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Company may redeem the Notes, in whole, but
not in part, at any time at its option, at a redemption price equal to (1) 100.5% of the principal amount plus accrued and unpaid
interest to, but not including, the date of redemption, upon the occurrence of certain change of control events and (ii) 100.0% of
the principal amount plus accrued and unpaid interest to, but not including, the date of redemption, in the event of various tax law changes
after November 17, 2021 and other limited circumstances that requires the Company to pay additional amounts. On and after any redemption
date, interest will cease to accrue on the redeemed Notes. If the Company is redeeming less than all of the Notes, the Trustee will select
the Notes to be redeemed by such method as the Trustee deems fair and appropriate in accordance with methods generally used at the time
of selection by fiduciaries in similar circumstances.
The Indenture also contains customary events of default and cure provisions.
If an uncured default occurs and is continuing, the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes
may declare the Notes to be immediately due and payable.
The Notes are senior unsecured obligations of the Company and rank
equal in right of payment with the Company’s existing and future senior unsecured indebtedness.
The foregoing description of the Indenture and the Notes does not purport
to be complete and is qualified in its entirety by reference to the full text of the Indenture and the form of Note. Copies of the Base
Indenture, the First Supplemental Indenture and the form of Note are attached to this Current Report on Form 6-K as Exhibits
4.1, 4.2 and 4.2.1, respectively, and are incorporated herein by reference.
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Item 2.03
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a Registrant.
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The information in Item 1.01 above is incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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ARGO BLOCKCHAIN PLC
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Date: November 17, 2021
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By:
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/s/ Peter Wall
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Name: Peter Wall
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Title: Chief Executive Officer
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