Bitcoin Mining Firm Bitfarms Is Warned By Nasdaq About The Shares Drop

Bitfarms, a Bitcoin mining company mainly located in Canada, is struggling because of the listing regulations set forth by Nasdaq.

Nasdaq issued a warning letter to Bitfarms on December 13 because the company’s share price has been below $1 for 30 consecutive working days.

The company noted the announcement on December 14 and stated that it has an initial term of 180 calendar days to recover compliance with Nasdaq’s criteria.

To restore compliance, the company shares must close at $1 per share for a minimum of 10 consecutive days before June 12, 2023. In such a case, the Nasdaq staff would notify Bitfarms in writing that it has achieved compliance, according to the release.

Bitfarms stated that the company is still listed on the Toronto Stock Exchange and that the recent Nasdaq notification has no impact on the company’s compliance status with the such listing or its business activities.

The company also emphasizes that the Nasdaq letter is merely a notification and would have no immediate effect on the listing or trading of Bitfarms shares (BITF) since the exchange will continue to trade them.

The company stated that the compliance time might be extended further, even beyond June 12. If the company does not recover compliance with Rule 5550(a)(2) by June 12, 2023, the company may be eligible for a 180-day extension.

Following an all-time high of about $6 in December 2021, Bitfarm’s share has been progressively dropping out on Nasdaq, in keeping with the continuing cryptocurrency bear market.

Bitfarms went public on the Toronto Stock Exchange in April and began stock trading on Nasdaq in June 2021.

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