Cryptocurrency mining company Argo Blockchain today announced management changes.

Effective 5 January 2024, Seif El-Bakly stepped down from his position as Chief Operating Officer to pursue other opportunities. The Company thanked Mr. El-Bakly for leading Argo as Interim CEO from February to November 2023, and it wished him well.

The operations team has been reporting to the Chief Strategy Officer Sebastien Chalus since February 2023, and Mr. Chalus will continue to oversee all operations going forward.

As part of Mr. El-Bakly’s separation agreement, his previously awarded Performance Share Units (PSUs) vested effective 5 January 2024. To effectuate this vesting, the Company has issued 1,973,892 new ordinary shares of £0.001 each in the capital of the Company.

The new PSU Shares will rank pari passu with the existing Ordinary Shares in issue and application will be made for the new Ordinary Shares to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange PLC. PSU Admission is expected to occur, and dealings in the new Ordinary Shares commence, on 11 January 2024.