Asia FX moves little with focus on US-China trade, dollar steadies ahead of CPI
Bit Origin Ltd (NASDAQ:BTOG) reported Monday that it believes it has regained compliance with Nasdaq’s minimum stockholders’ equity requirement following a series of financial and operational measures. The update was disclosed in a press release statement based on a filing with the Securities and Exchange Commission.
The company received a notice from the Nasdaq Listing Qualifications Department on January 3 indicating non-compliance with Listing Rule 5550(b)(1), which requires listed companies to maintain at least $2.5 million in stockholders’ equity. Bit Origin submitted a compliance plan on February 17, and Nasdaq granted an extension through June 30 to meet the requirement.
According to the filing, Bit Origin converted approximately $8.06 million in principal and accrued interest from its outstanding secured convertible debentures into 12,279,101 Class A ordinary shares. This action reduced the company’s outstanding debt and increased its stockholders’ equity.
The company also reported entering into three sales agreements for 495 Aethir cloud rendering miners, generating about $484,500 in total revenue.
As of May 31, Bit Origin stated that its stockholders’ equity was approximately $3.6 million. The company believes it currently maintains at least $2.5 million in stockholders’ equity, as required by Nasdaq rules, and is awaiting formal confirmation from Nasdaq of its compliance status.
Nasdaq will continue to monitor the company’s compliance. If Bit Origin does not meet the equity requirement at the time of its next periodic report, including its annual report for the fiscal year ending June 30, Nasdaq may initiate delisting proceedings.
Bit Origin indicated it intends to continue efforts to maintain compliance with all applicable Nasdaq listing standards. The information is based on a press release statement and the company’s SEC filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.