Canaan Inc. has been warned by Nasdaq about its stock price falling below $1, with a deadline to comply by July 13.
Canaan Inc., a cryptocurrency mining firm, has received a notification from the Nasdaq exchange regarding its non-compliance with listing price requirements.
The company's shares, traded under the ticker CAN, have fallen below the $1 minimum threshold for the past month, currently priced around $0.79.
According to the announcement, Canaan must elevate its stock price above $1 for ten consecutive trading days by July 13 to avoid delisting. If necessary, the company may request an extension with specific conditions.
Representatives from Canaan emphasized that the Nasdaq notification does not immediately impact the trading status of its securities.
To address similar situations, companies often implement a reverse stock split, which decreases the number of outstanding shares while increasing the share price proportionally. Canaan is not alone in facing such challenges; other firms, like Kindly MD, have also received warnings from Nasdaq.
Notably, Canaan recently launched an eco-friendly mining solution that previously boosted its stock by 40% in October.
