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NEW YORK - Bit Origin Ltd (NASDAQ:BTOG), a company specializing in cryptocurrency mining, has been notified by Nasdaq of non-compliance with its minimum bid price rule. The Nasdaq Listing Rule 5550(a)(2) requires securities to maintain a minimum bid price of $1.00 per share, a threshold Bit Origin’s shares have not met for 30 consecutive business days from January 7 to February 20, 2025. The stock currently trades at $0.39, having declined nearly 94% over the past year according to InvestingPro data.
Despite this setback, the company’s ordinary shares continue to be listed and traded on Nasdaq. Bit Origin has been allowed a 180-day period, ending on August 20, 2025, to regain compliance with the minimum bid price requirement. The company must achieve a closing bid price of at least $1.00 per share for at least ten consecutive business days within this timeframe to resolve the matter. InvestingPro analysis reveals concerning fundamentals, with a weak financial health score of 1.22 and significant cash burn rate.
If compliance is not achieved by the deadline, Bit Origin may be granted an extension, provided it meets all other initial listing standards for the Nasdaq Capital Market, except for the bid price. In such a case, the company would need to submit a written notice of its plan to cure the deficiency, which may include a reverse stock split.
Bit Origin is actively exploring options to meet Nasdaq’s requirements and is committed to maintaining its listing status to continue delivering value to its shareholders. Formerly known as China Xiangtai Food Co., Ltd., Bit Origin is now focused on operating in the cryptocurrency mining sector in the United States and is implementing blockchain technologies as part of its diversified expansion strategies. With a market capitalization of just $2.95 million and negative EBITDA of -$5.07 million, the company faces significant challenges. InvestingPro subscribers have access to 14 additional key insights and detailed financial metrics that could help assess the company’s turnaround potential.
This news is based on a press release statement from Bit Origin Ltd. Investors are reminded that the company has made forward-looking statements subject to risks and uncertainties, and actual results may differ from those anticipated. Bit Origin does not assume any obligation to update these statements following the date of the press release.
In other recent news, Bit Origin Ltd has announced that it has regained compliance with Nasdaq’s Listing Rule 5250(c)(1) after filing its annual report for the fiscal year ended June 30, 2024. This development follows a previous notice of non-compliance due to a delay in filing, which the company received on November 20, 2024. Nasdaq confirmed on December 27, 2024, that Bit Origin had met the necessary listing requirements after the report’s submission. Additionally, Bit Origin had faced another compliance challenge related to Nasdaq’s Listing Rule 5550(b)(1), which requires a minimum stockholders’ equity of $2,500,000. As of June 30, 2024, the company reported stockholders’ equity of $909,583, prompting a notification from Nasdaq. Bit Origin has been given 45 days to submit a compliance plan, with the possibility of up to 180 days to meet the equity requirement if the plan is accepted. Despite these challenges, Bit Origin’s ordinary shares continue to trade on the Nasdaq under the symbol BTOG. The company remains focused on its growth strategy, which includes exploring blockchain technologies.
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