Whereas many cryptocurrency firms face the chance of being delisted from Nasdaq in 2025, one other firm has been added to this checklist.
Canaan, a large in Bitcoin mining and a Chinese language producer of mining tools, acquired a warning from Nasdaq.
Accordingly, Canaan is dealing with the chance of delisting from Nasdaq as a result of decline in its share worth.
In its letter, Nasdaq warned the corporate that it didn’t adjust to its itemizing guidelines as a result of its shares had closed beneath $1 for the previous 30 buying and selling days. As is thought, the “$1 rule” on the Nasdaq states that if an organization’s shares shut beneath $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 has skilled a big drop in share worth (63%) within the final 12 months, has 180 days (till July 13) forward of it.
For Canaan to keep away from being delisted, its share worth wants to shut above $1 for not less than 10 consecutive buying and selling days.
Moreover, Canaan was not the primary firm to obtain a delisting warning from Nasdaq. As you could recall, Nasdaq had additionally despatched the identical warning letter to KindlyMD, a healthcare firm led by Bitcoin Journal CEO David Bailey.
*This isn’t funding recommendation.
