Summary of Argo Blockchain Town Hall Meeting (November 19, 2025) Company Overview - **Company**: Argo Blockchain (NasdaqGS: ARBK) - **Industry**: Cryptocurrency mining, specifically Bitcoin and other cryptocurrencies - **Current Situation**: Argo is undergoing a restructuring plan due to financial difficulties exacerbated by high energy costs and prolonged low cryptocurrency prices since 2021 [7][8][9] Key Points from the Meeting Restructuring Plan - **Purpose**: The restructuring plan aims to restore Argo's financial stability and allow it to continue trading [4][12] - **Court Approval**: The plan requires court approval, with meetings for plan participants scheduled for December 2, 2025, and a sanction hearing on December 8, 2025 [5][6] - **Participants**: Shareholders, note holders, and secured lender Growler are involved in the restructuring process [5][11] Financial Challenges - **Energy Costs**: Energy costs account for approximately 50% of Argo's total costs, significantly impacting profitability [9] - **Debt Burden**: Argo has been reliant on third-party funding since December 2022, with a total debt of $40 million due in November 2026 [8][11][33] - **Mining Margin Decline**: The mining margin fell from $11.5 million (39% margin) in 2024 to $1.2 million in 2025 due to rising costs and reduced Bitcoin rewards following the April 2024 halving [10] Proposed Changes - **Equity Distribution**: Under the restructuring plan, Growler will own 87.5% of the enlarged share capital, note holders will hold 10%, and existing shareholders will retain 2.5% [13][18] - **ADS Ratio Change**: To maintain NASDAQ listing, the ratio of American Depositary Shares (ADS) will change from 1:10 to 1:1,260 [14][16] - **Delisting from LSE**: Argo intends to delist from the London Stock Exchange, establishing a matched bargain facility for shareholders to trade shares post-delisting [17] Financial Support - **Funding from Growler**: Growler will inject $3.5 million into Argo as part of the restructuring plan, which is critical for meeting obligations to unsecured creditors [12][34] - **Equitization of Debt**: Senior unsecured notes will be converted into equity, allowing note holders to receive shares in the restructured company [18][19] Market Conditions - **Crypto Market Volatility**: The company has faced a "crypto winter" since 2021, leading to significant declines in cryptocurrency prices and market sentiment [9] - **Future Profitability**: While no profit forecasts were provided, the board believes that with reduced debt and new funding, there is potential for recovery [49] Additional Considerations - **Management Structure**: Argo's management will continue to run the business, with a potential non-executive representative from Growler on the board [38] - **Tax Obligations**: Ongoing tax disputes in Canada are still unresolved, with no firm timeline for resolution [38] - **CapEx Plans**: Expected capital expenditures of $25 million in 2026 and 2027 were mentioned, but details on financing were not provided [52] Conclusion - The restructuring plan is seen as a necessary step for Argo to avoid insolvency and provide a pathway for potential recovery, albeit with significant dilution for existing shareholders and note holders [51][52]

Core Insights - SOS Limited reported significant growth in commodity trading revenue, which increased to $214.3 million in FY 2024, accounting for 92.6% of total revenue, up from 74.0% in FY 2023 [3][4][8] - The company experienced a decline in cryptocurrency mining revenue, dropping to $9.3 million from $18.9 million in FY 2023, primarily due to a temporary shutdown of its Texas mining facility for upgrades [4][8] - Operating expenses rose to $28.6 million in FY 2024, a 50.6% increase from $18.99 million in FY 2023, driven by higher general and administrative costs and selling expenses [10][12][13] Revenue Breakdown - Commodity trading revenue reached $214.3 million, representing 92.6% of total revenue in FY 2024, compared to $68.4 million (74.0%) in FY 2023 [3][4] - Cryptocurrency mining revenue fell to $9.3 million (4.0%) in FY 2024 from $18.9 million (20.4%) in FY 2023 [4][5] - Hosting service revenue increased to $6.5 million (2.8%) from $2.4 million (2.6%) in FY 2023 [3][5] Cost and Expenses - Costs of revenue surged from $78.2 million in FY 2023 to $224.4 million in FY 2024, an increase of $146.2 million [9] - Selling expenses increased significantly to $2.8 million in FY 2024, a 300% rise from $0.7 million in FY 2023 [11] - General and administrative expenses rose by 64% to $18.1 million, largely due to increased depreciation of mining rigs [12] Financial Performance - The company reported an operating loss of $21.6 million in FY 2024, compared to a loss of $4.8 million in FY 2023 [13] - Basic GAAP EPS was $(0.0299) for FY 2024, slightly worse than $(0.0269) in FY 2023 [13] - Cash and cash equivalents decreased to approximately $239.5 million as of December 31, 2024, down from $279.2 million in the previous year [15] Cash Flow Analysis - Net cash used in operating activities was $(63.6) million for FY 2024, a significant decline from $9.7 million generated in FY 2023 [19] - The net cash generated from financing activities increased to $24.6 million in FY 2024, up from $17.6 million in FY 2023 [20] - The company incurred a cash outflow of $69.3 million from changes in other receivables in FY 2024, compared to $25.2 million in FY 2023 [25]

As filed with the Securities and Exchange Commission on January 19, 2024 MERCURITY FINTECH HOLDING INC. (Exact name of registrant as specified in its charter) Cayman Islands 6199 Not Applicable Registration No. 333-272274 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 (State or other jurisdiction of incorporation or organization) Amendment No. 3 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer ...