Bitcoin (BTC) mining rig maker Canaan warned of Nasdaq delisting: “Must regain a $1 share price by July”
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Summary
- Bitcoin (BTC) mining hardware manufacturer Canaan has reportedly received a Nasdaq delisting warning.
- Nasdaq said Canaan must keep its share price at $1 or higher for at least 10 consecutive trading days by July to retain its listing status.
- With Canaan’s share price at $0.7955 amid Bitcoin price volatility and profitability pressure in the mining industry, the warning could weigh on fundraising and corporate credibility.
According to Decrypt, a crypto-focused media outlet, Bitcoin (BTC) mining hardware manufacturer Canaan has received a delisting warning from Nasdaq.
The report said Nasdaq sent Canaan a notice earlier this week, warning that it could initiate delisting proceedings if the company fails to meet listing requirements. Under Nasdaq rules, Canaan must keep its share price at $1 or higher for at least 10 consecutive trading days by July to maintain its listing status.
Canaan shares are currently trading around $0.7955, down about 3% from the previous day, underscoring the need for a near-term rebound.
Canaan is one of the major players in the Bitcoin mining rig manufacturing space and has struggled with weak share performance amid Bitcoin price volatility and profitability pressure across the mining industry. The delisting warning is seen as a potential headwind for future fundraising and corporate credibility.
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