Whereas many crypto firms face the chance of being delisted from the Nasdaq in 2025, one other firm has been added to the listing.
Canaan, a number one Bitcoin mining firm and Chinese language mining tools producer, has obtained a warning from Nasdaq.
In consequence, Canaan is dealing with the chance of being delisted from the Nasdaq on account of a decline in its inventory value.
In a letter, Nasdaq warned the corporate that it was not complying with itemizing guidelines as a result of its inventory had closed under $1 for the previous 30 enterprise days. As it’s identified, Nasdaq's “$1 Rule” states that if an organization's inventory closes under $1 for 30 consecutive buying and selling days, the corporate is taken into account non-compliant with the itemizing guidelines.
Like many crypto firms, Canaan, which skilled a major inventory value decline (63%) final yr, has 180 days left (till July 13).
For Canaan to keep away from delisting, its inventory value should shut above $1 for at the very least 10 consecutive enterprise days.
Moreover, Canaan is just not the primary firm to obtain a delisting warning from Nasdaq. As chances are you’ll recall, Nasdaq despatched the identical warning letter to KindlyMD, a healthcare firm led by Bitcoin Journal CEO David Bailey.
*This isn’t funding recommendation.
