Canadian Bitcoin mining company (BTC) Bitfarms is facing compliance issues with its Nasdaq listing due to the ongoing crypto winter.
Bitfarms He got it December 13 Nasdaq’s warning notice because the company’s share price has remained below $1 for 30 consecutive business days.
Posting the news on December 14. Bitfarms said it has an initial period of 180 calendar days to come back into compliance with Nasdaq.
To regain compliance, Bitfarms stock must close at $1 per share for at least 10 consecutive days at any time through 2023. June 12. In that event, Nasdaq staff will notify Bitfarms in writing that they have complied, according to the statement.
However, the 180-day period is not the final limit. Bitfarms noted that even after June 12. will be able to extend the compliance period:
“If a company fails to comply with Rule 5550(a)(2) by 2023. June 12, the company may be entitled to an additional 180 calendar day compliance period.
The company stressed that the Nasdaq letter is only a notice and does not directly affect listings or trading, as Bitfarms (BITF) shares will continue to be listed on the exchange.
Bitfarms also noted that the company remains listed on the Toronto Stock Exchange and that the latest Nasdaq announcement does not affect the company’s compliance status or its business operations.
As previously reported by Cointelegraph, Bitfarms made its public debut on Nasdaq. in 2021 in June, just a few months after April appeared on the Toronto Stock Exchange.
in 2021 After reaching an all-time high of around $6 in December, Bitfarms shares have been slowly selling off on the Nasdaq in light of the current crypto market.
According to TradingView, Bitfarms shares fell down below $1 in 2022 at the end of October and has not been retested at $1 since then. December 13 Bitfarms shares closed at $0.54, up 7.6% on the day.
Bitfarms is one of the many cryptocurrency mining companies that are facing major problems due to the current market crisis. In June, the company was forced to sell approx 62 million to reduce your debt. Other mining companies such as Argo Blockchain, Core Scientific and Riot Blockchain have also they decided to sell their bitcoins in tough market conditions.
December 12 Argo Blockchain said it was considering selling its assets avoid filing for bankruptcy.
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