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NEW YORK - Bit Origin Ltd (NASDAQ:BTOG), a crypto mining company with a market capitalization of approximately $10 million, announced Thursday it has regained compliance with Nasdaq’s listing requirements after demonstrating stockholders’ equity above the required $2.5 million threshold. According to InvestingPro data, the company’s stock has experienced significant volatility, falling over 92% in the past year.
The company received formal notice from Nasdaq on July 1 confirming its compliance with Listing Rule 5550(b)(1), which requires listed companies to maintain minimum stockholders’ equity of $2.5 million.
Bit Origin had been notified of its non-compliance with continued listing standards on January 3, 2025. The company submitted documentation on June 30 demonstrating it now satisfies the equity requirement.
Despite regaining compliance, Bit Origin remains under Nasdaq monitoring and could face potential delisting if it fails to maintain compliance in its next periodic filing. The company would have the right to appeal any delisting determination.
"We are pleased to have regained compliance with Nasdaq’s equity standard," said Jinghai Jiang, Chairman, CEO and COO of Bit Origin. "We remain focused on building long-term growth and fulfilling compliance with all listing requirements."
Bit Origin, formerly known as China Xiangtai Food Co., operates in the cryptocurrency mining business in the United States and is implementing blockchain technologies alongside various expansion strategies, according to the company’s press release statement.
In other recent news, Bit Origin Ltd reported progress toward regaining compliance with Nasdaq’s minimum stockholders’ equity requirement. The company converted approximately $8.06 million in principal and accrued interest from its outstanding secured convertible debentures into 12,279,101 Class A ordinary shares, effectively reducing its outstanding debt and increasing stockholders’ equity. Bit Origin also entered into three sales agreements for 495 Aethir cloud rendering miners, generating about $484,500 in total revenue. As of May 31, the company stated that its stockholders’ equity was approximately $3.6 million, surpassing the Nasdaq requirement of at least $2.5 million. Bit Origin is awaiting formal confirmation from Nasdaq regarding its compliance status. The company received an extension from Nasdaq until June 30 to meet the equity requirement, following a compliance plan submitted in February. Nasdaq will continue to monitor the company’s compliance, with the possibility of delisting proceedings if the equity requirement is not met in future periodic reports. Bit Origin has expressed its intention to maintain compliance with all applicable Nasdaq listing standards.
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