The crypto winter has plunged Bitfarms into compliance challenges prompting Nasdaq to serve an initial warning over share price deficiency. The Canadian firm confirmed the notification issued by Nasdaq over its lowly priced share.
Decoding Nasdaq Letter
Bitifarms acknowledged that the Nasdaq communication highlighted the need to satisfy the requirements by June 12, 2023.
Bitifarms’ confirmatory statement released on December 14 revealed that regaining the $1 price level under the terms stipulated by Nasdaq will prompt a written acknowledgment of its compliance. The announcement by the mining firm clarified that the 180-day window hardly constitutes the absolute limit. It added that an extension of the period was possible even after it lapsed.
Bitfarms dismissed the speculations that the Nasdaq letter imposed immediate limits on its listing. The firm termed the letter a notification that had no bearing on its shares’ trading. It added that listing on the Toronto Stock Exchange is unaffected by the notification. The Canadian firm held a similar view that the Nasdaq’s scope did not affect its business operations and compliance status back in Toronto.
Bitifarms’ Journey Since Listing
Bitifarms’ journey on the Nasdaq radar began in June 2021, two months after its debut on the Toronto exchange. Its shares realized ground to exchange at $6 by December 2021 at the height of the crypto boom. Since then, Bitifarms stock price has plummeted as the crypto market gained bearish steam.
The Nasdaq letter points out that Bitfarms’ share slid below the $1 compliance level in mid-October. Since the decline, the stock price is yet to retest the unit mark. While the stock overcame the hanging cloud to rally 7.6% and exchange at $0.54 following the December 13 notice, it slid by 2.9% to $0.52 on December 14.
Self-Mined Bitcoin Sale
Bitifarms is among crypto mining firms hardpressed by the market slowdown witnessed in 2022. Earlier in June, Bitifarms announced settling debt from proceeds realized by disposing of self-mined Bitcoin, estimated at $62 million. Elsewhere, the tough crypto market necessitated Riot Blockchain and Core Scientific to cash their Bitcoins. The crisis compelled Argo Blockchain to issue a notice on December 12 indicating assets’ disposal is inevitable to avoid a bankruptcy filing.
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