Bitcoin mining {hardware} maker Canaan has till July to boost its share value and escape delisting, Nasdaq advised the agency earlier this week.
The corporate now has till July to boost its share value above $1 for at the very least 10 consecutive days to flee being delisted, it mentioned in a press launch Friday.
If the corporate fails to realize compliance, Nasdaq can grant the agency extra time to come back again into compliance. Different companies confronted with the same difficulty have used a reverse inventory break up to spice up their share value. It includes lowering the variety of excellent shares and rising the value per share proportionally.
The Singapore-based {hardware} maker, which trades underneath the CAN ticker, was altering arms for $0.79 on the time of writing. The {hardware} firm’s shares have not traded above $5 since 2022 and final closed above $2 in October, in accordance with Yahoo Finance knowledge.
In October, Canaan had simply introduced that it obtained an order for 50,000 of its Avalon A15 Professional mining rigs—the biggest order it had obtain prior to now three years.
“This milestone order represents a major win for Canaan and displays the sturdy resurgence of the U.S. market,” Canaan Chairman and CEO Nangeng Zhang mentioned, in a press launch on the time. “It highlights not solely the power of our Avalon A15 Professional but in addition our deep dedication to serving prospects worldwide, with a specific deal with constructing long-term partnerships within the U.S. market.”
The corporate’s inventory jumped 25% the identical day the information went out. However the investor euphoria did not final for lengthy.
In early December, Utah-based funding agency Streeterville Capital was Canaan’s largest institutional holder. However then the agency fully exited its place on Dec. 12, which was value round $439 million on the time, in accordance with its SEC submitting.
Canaan just isn’t the one agency that is gotten a warning letter from Nasdaq. Final month, Bitcoin treasury firm Kindly MD obtained the same letter telling the agency that it had till June 2026 to boost its share value above $1 for at the very least 10 consecutive days to keep away from being delisted.
