While many cryptocurrency companies face the risk of being delisted from Nasdaq in 2025, another company has been added to this list.
Canaan, a giant in Bitcoin mining and a Chinese manufacturer of mining equipment, received a warning from Nasdaq.
Accordingly, Canaan is facing the risk of delisting from Nasdaq due to the decline in its share price.
In its letter, Nasdaq warned the company that it did not comply with its listing rules because its shares had closed below $1 for the past 30 trading days. As is known, the “$1 rule” on the Nasdaq states that if a company’s shares close below $1 for 30 consecutive trading days, the company is considered non-compliant with the listing rules.
Like many crypto companies, Canaan, which has experienced a significant drop in share value (63%) in the last year, has 180 days (until July 13) ahead of it.
For Canaan to avoid being delisted, its share price needs to close above $1 for at least 10 consecutive trading days.
Furthermore, Canaan was not the first company to receive a delisting warning from Nasdaq. As you may recall, Nasdaq had also sent the same warning letter to KindlyMD, a healthcare company led by Bitcoin Magazine CEO David Bailey.
*This is not investment advice.
