Wednesday, February 8, 2023

The Canadian Bitcoin (BTC) mining agency Bitfarms is dealing with compliance challenges over its itemizing on Nasdaq because of the 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.

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

To be able 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 workers will present written notification to Bitfarms that it has achieved compliance, the announcement notes.

The 180-day interval just isn’t 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 careworn that the Nasdaq letter is barely a notification and has no fast impact on the itemizing or buying and selling because the Bitfarms shares (BITF) will proceed to commerce on the alternate.

Bitfarms additionally famous that the corporate stays to be listed on the Toronto Inventory Alternate and the newest 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 Alternate in April.

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

Associated: BTC problem drops by the most important margin since 2021

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

In line with 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 one among many cryptocurrency mining corporations dealing with main points because of the ongoing disaster available in the market. In June, the agency was compelled to promote about $62 million price of self-mined Bitcoin with a view to scale back its debt. Quite a lot of different mining corporations, together with Argo Blockchain, Core Scientific and Riot Blockchain, additionally opted to promote their Bitcoin amid robust market circumstances.

On Dec. 12, Argo Blockchain mentioned that it has been contemplating promoting its belongings with a view to keep away from submitting for chapter.

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