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Nasdaq warns Bitcoin mining firm Bitfarms about share price deficiency

Nasdaq warns Bitcoin mining firm Bitfarms about share price deficiency

The Canadian Bitcoin (BTC) mining agency Bitfarms is dealing with 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.

In an effort 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 will not be the ultimate restrict, nevertheless. Bitfarms famous that it’ll 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 harassed that the Nasdaq letter is simply a notification and has no instant impact on the itemizing or buying and selling because the Bitfarms shares (BITF) will proceed to commerce on the trade.

In case Bitfarms finally fails to fulfill compliance with Nasdaq’s itemizing necessities for major fairness securities, the agency can doubtlessly face delisting, a spokesperson for Bitfarms advised Cointelegraph. The consultant harassed that Bitfarms nonetheless has “variety of cures at its disposal” for its shares.

The corporate additionally expressed optimism about the way forward for crypto regardless of the continuing market instability and occasions just like the collapse of FTX.

“This era is absolutely in regards to the wheat separating from the chaff,” the corporate’s consultant stated, including Bitfarms is seeing some advantages throughout a “very unlucky interval for a lot of.” The spokesperson acknowledged:

We stay bullish on Bitfarms’ and are very excited in regards to the firm’s outlook, in addition to the way forward for the Bitcoin and cryptocurrency. The present state of each the crypto and Bitcoin mining ecosystems is working to strengthen our dedication to the trade.”

Bitfarms additionally famous that the corporate stays to be listed on the Toronto Inventory Trade and the most recent discover from Nasdaq has no affect 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, just some months after going public on the Toronto Inventory Trade in April.

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

Associated: BTC problem drops by the largest margin since 2021

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

Based on information 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 certainly one of many cryptocurrency mining firms dealing with main points as a result of ongoing disaster out there. In June, the agency was pressured to promote about $62 million price of self-mined Bitcoin with a purpose to cut back its debt. Quite a lot of different mining companies, together with Argo Blockchain, Core Scientific and Riot Blockchain, additionally opted to promote their Bitcoin amid robust 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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