Bitfarms, a Canadian bitcoin (EXANTE: Bitcoin) mining company, said in a press release it had received a delisting warning from Nasdaq as its shares drop below the $0.55 mark on the US market.
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The Toronto-based mining company said it now has time until June 12, 2023, to have its shares (BITF) trading above the required low of $1. Nasdaq's warning is only a notification of deficiency and has no immediate effect on the listing, Bitfarms noted.
"The Company intends to continually monitor the bid price of its Shares and, to the extent necessary, evaluate available options to regain compliance with Nasdaq’s minimum bid price rule within the compliance period," Bitfarms said.
Even if Bitfarms fails to regain the minimum, it still may be eligible for an additional 180 calendar day compliance period. However, it's unclear if Nasdaq to agree to this extension.
In October, the American stock exchange sent the same warning notification to cryptocurrency mining firm Digihost (DGHI). Digihost also has 180 business days (until April 10, 2023) to regain compliance. As of press time, DGHI is trading at $0.5, while BITF is at $0.53, according to Nasdaq.
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