Canaan Inc., a leading producer of Bitcoin mining equipment, confirmed today that it has received a notice from the Nasdaq Stock Market regarding non-compliance with the minimum bid price requirement.
The warning was issued because the company’s American Depositary Shares (ADSs) failed to maintain a minimum closing bid price of $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). This regulatory concern is indicative of the downward pressure facing hardware manufacturers in the highly competitive cryptocurrency sector.
Under Nasdaq rules, Canaan has been granted 180 calendar days, or until [Insert Date 6 Months Out if Known, otherwise keep generic] to regain compliance. To resolve the issue, the company’s ADSs must achieve a minimum closing bid price of $1.00 or more for at least 10 consecutive business days within the compliance period.
Canaan emphasized that the notification does not result in the immediate delisting of its shares, and its ADSs will continue to be traded on the Nasdaq Global Select Market under the ticker symbol “CAN.” The company stated it is evaluating all available options, including measures such as a reverse stock split, to rectify the deficiency and ensure continued listing.
Source: Crypto miner manufacturer Canaan receives Nasdaq delisting warning
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