The Nasdaq-listed Canaan must get its share price to close above $1 for at least 10 trading days in a row to avoid being removed from the exchange.
Crypto mining hardware maker Canaan Inc., which has seen its shares down 63% in the last 12 months, has received a warning from Nasdaq to increase its share price within 180 days or face delisting from the major stock market index.
Canaan said in a statement on Friday that the Nasdaq contacted the company on Wednesday to warn it was not in compliance with listing rules, as its shares’ closing bid price had been below $1 for the last 30 business days.
The Nasdaq gave Canaan 180 days, until July 13, to “regain compliance with the minimum bid price requirement,” which requires its closing bid price to hit at least $1 per share for a minimum of 10 trading days in a row.
