Nasdaq warns Bitcoin mining firm Bitfarms about share price deficiency

The Canadian Bitcoin (BTC) mining steadfast Bitfarms is facing compliance challenges implicit its listing connected Nasdaq owed to the ongoing cryptocurrency winter.

Bitfarms received a informing notification from Nasdaq connected Dec. 13 due to the fact that the company’s stock terms has stayed beneath $1 for 30 consecutive moving days.

Announcing the quality connected Dec. 14, Bitfarms said that it has an archetypal play of 180 calendar days to regain compliance with the requirements from Nasdaq.

In bid to regain compliance, Bitfarms’ shares should adjacent astatine $1 per stock for a minimum play of 10 consecutive days astatine immoderate clip earlier June 12, 2023. In specified an lawsuit the Nasdaq unit volition supply a written notification to Bitfarms that it has achieved compliance, the announcement notes.

The 180-day play is not the last limit, however. Bitfarms noted that it volition person a accidental to widen the compliance play further adjacent aft June 12, staging:

“If the institution does not regain compliance with Rule 5550(a)(2) by June 12, 2023, the institution whitethorn beryllium eligible for an further 180 calendar time compliance period.”

The institution stressed that the Nasdaq missive is lone a notification and has nary contiguous effect connected the listing oregon trading arsenic the Bitfarms shares (BITF) volition proceed to commercialized connected the exchange.

Bitfarms besides noted that the institution remains to beryllium listed connected the Toronto Stock Exchange and the latest announcement from Nasdaq has nary interaction connected the firm’s compliance presumption with specified listing oregon its concern operations.

As antecedently reported by Cointelegraph, Bitfarms debuted banal trading connected Nasdaq successful June 2021, conscionable a fewer months aft going nationalist connected the Toronto Stock Exchange successful April.

After reaching an all-time precocious astatine astir $6 successful December 2021, the BITF banal has been gradually selling retired connected Nasdaq, successful enactment with the ongoing cryptocurrency carnivore market.

Related: BTC trouble drops by the biggest borderline since 2021

Bitfarms’ stock on Nasdaq one-year chart. Source: TradingView

According to information from TradingView, Bitfarms’ shares dropped beneath $1 successful precocious October 2022 and person not retested the $1 terms people since. Bitfarms’ banal closed astatine $0.54 connected Dec. 13, seeing a 7.6% summation implicit the day.

Bitfarms is 1 of galore cryptocurrency mining companies facing large issues owed to the ongoing situation connected the market. In June, the steadfast was forced to sell astir $62 cardinal worthy of self-mined Bitcoin successful bid to trim its debt. A fig of different mining firms, including Argo Blockchain, Core Scientific and Riot Blockchain, besides opted to merchantability their Bitcoin amid pugnacious marketplace conditions.

On Dec. 12, Argo Blockchain said that it has been considering selling its assets successful bid to avoid filing for bankruptcy.