Bitfarms, a Canada-based Bitcoin mining farm, faces compliance hurdles over its Nasdaq listing because of a cryptocurrency issue in progress.
On December 13, 2022, Bitfarms got a warning from Nasdaq because its share price stayed below one dollar ($1.00) for the past 30 working days. A day later, the Canadian Bitcoin mining farm announced that it has a preparatory 180-calendar-day period to reclaim Nasdaq requirements compliance.
For the compliance reclamation to proceed seamlessly, Bitfarms’ shares must close at $1 for each share for a minimum duration of 10 straight days, anytime prior to June 12, 2023. Bitfarms added to its announcement that the Nasdaq staff will hand out to Bitfarms a written notification that it has attained compliance if such an event will take place.
Bitfarms, however, announced further that the time frame of 180 calendar days isn’t the final limit. The mining farm highlighted that if – come June 12, 2023 – if it’s unable to regain requirements compliance with Rule 5550(a)(2), it may still be fit for another 180-calendar-day compliance period.
Bitfarms also emphasized that the warning letter from Nasdaq only serves as a reminder without any immediate impact on its listing on the said exchange.