In light of the current cryptocurrency winter, the Canadian Bitcoin mining company Bitfarms is having difficulty meeting the regulatory requirements necessary for its listing on Nasdaq.
The share price of Bitfarms has been less than $1 for the last 30 consecutive working days, which prompted Nasdaq to issue a warning notice to the business on December 13th.
Bitfarms made the announcement on December 14, and it said that the company has an initial time of one hundred eighty calendar days to restore compliance with the standards from Nasdaq.
It is necessary for Bitfarms’ stock price to remain at $1 per share for a minimum of ten consecutive trading days before June 12, 2023 for the company to once again be in compliance with the regulations. According to the release, in the event that this scenario occurs, the employees at Nasdaq will submit formal information to Bitfarms indicating that it has achieved compliance.
The company emphasised that the Nasdaq letter is only a notice and does not have any immediate impact on the listing or trading as the Bitfarms shares (BITF) will continue to trade on the market. This point was emphasised many times by the Nasdaq.
A representative for Bitfarms informed that the company might possibly risk delisting if it finally fails to fulfil compliance with Nasdaq’s listing standards for main equity shares. This information was provided by the Bitfarms spokesperson. A spokesman for Bitfarms emphasised that the company still had a “number of remedies at its disposal” for its shares.
In spite of the continued market turbulence and recent occurrences like the failure of FTX, the firm has voiced confidence over the future of cryptocurrencies.
A spokesperson of the firm said that “this moment is truly about the wheat separating from the chaff,” and went on to say that Bitfarms is seeing some advantages despite the fact that it is a “very difficult period for many.”
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The post Nasdaq Informs Bitcoin Mining Company Bitfarms Of Share Price Slowdown appeared first on CryptoShrypto.
- @ December 15, 2022 11:21 am