Mining

Nasdaq warns Bitcoin mining firm Bitfarms about share price deficiency

The Canadian Bitcoin (BTC) mining agency Bitfarms is going through compliance challenges over its itemizing on Nasdaq as a result of ongoing cryptocurrency winter.

Bitfarms received a warning notification from Nasdaq on Dec. 13 as a result of the corporate’s share value has stayed under $1 for 30 consecutive working days.

Saying the information on Dec. 14, Bitfarms stated that it has an preliminary interval of 180 calendar days to regain compliance with the necessities from Nasdaq.

With a purpose to regain compliance, Bitfarms’ shares ought to shut at $1 per share for a minimal interval of 10 consecutive days at any time earlier than June 12, 2023. In such an occasion, the Nasdaq employees will present written notification to Bitfarms that it has achieved compliance, the announcement notes.

The 180-day interval is just not the ultimate restrict, nonetheless. Bitfarms famous that it’s going to have an opportunity to increase the compliance interval additional even after June 12, stating:

“If the corporate doesn’t regain compliance with Rule 5550(a)(2) by June 12, 2023, the corporate could also be eligible for a further 180 calendar day compliance interval.”

The corporate confused that the Nasdaq letter is barely a notification and has no quick impact on the itemizing or buying and selling because the Bitfarms shares (BITF) will proceed to commerce on the trade.

Bitfarms additionally famous that the corporate stays to be listed on the Toronto Inventory Change and the most recent discover from Nasdaq has no impression on the agency’s compliance standing with such itemizing or its enterprise operations.

As beforehand reported by Cointelegraph, Bitfarms debuted inventory buying and selling on Nasdaq in June 2021, only a few months after going public on the Toronto Inventory Change in April.

After reaching an all-time excessive at roughly $6 in December 2021, the Bitfarms inventory has been step by step promoting out on Nasdaq, in step with the continued cryptocurrency bear market.

Associated: BTC issue drops by the largest margin since 2021

Bitfarms’ inventory on Nasdaq one-year chart. Supply: TradingView

In response to knowledge from TradingView, Bitfarms’ shares dropped under $1 in late October 2022 and haven’t retested the $1 value mark since. Bitfarms’ inventory closed at $0.54 on Dec. 13, seeing a 7.6% enhance over the day.

Bitfarms is considered one of many cryptocurrency mining firms going through main points as a result of ongoing disaster out there. In June, the agency was compelled to promote about $62 million price of self-mined Bitcoin with a purpose to cut back its debt. Numerous different mining corporations, together with Argo Blockchain, Core Scientific and Riot Blockchain, additionally opted to promote their Bitcoin amid powerful market circumstances.

On Dec. 12, Argo Blockchain stated that it has been contemplating promoting its property with a purpose to keep away from submitting for chapter.

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