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