Bit Origin Ltd is notified by Nasdaq for non-compliance with stockholders' equity requirements, with 45 days to respond.
Quiver AI Summary
Bit Origin Ltd (NASDAQ: BTOG), a cryptocurrency mining company, has received a notification from Nasdaq stating that it no longer meets the required minimum stockholders' equity of $2,500,000 for continued listing on the Nasdaq Capital Market. According to its recent Form 20-F, Bit Origin reported stockholders' equity of $909,583 as of June 30, 2024. The company has 45 days to submit a plan to regain compliance, and if accepted, it may receive an extension of up to 180 days to demonstrate compliance. This notification does not immediately affect the trading of Bit Origin's shares, which will continue to be listed under the symbol “BTOG.”
Potential Positives
- The Notification Letter gives Bit Origin 45 calendar days to submit a plan to regain compliance with the Nasdaq equity requirement, allowing for potential corrective action.
- Should the plan be accepted, Nasdaq may grant an extension of up to 180 calendar days for the Company to demonstrate compliance.
- There is no immediate impact on the listing or trading of Bit Origin's securities, allowing the company to continue operations while addressing the equity shortfall.
- The company's shares will remain listed on Nasdaq under the symbol "BTOG," maintaining visibility and access to the market for investors.
Potential Negatives
- The company is not in compliance with Nasdaq's minimum stockholders' equity requirement, potentially jeopardizing its listing status.
- The reported stockholders' equity is significantly below the required threshold, indicating financial instability.
- The company must submit a compliance plan within 45 days, creating additional pressure and uncertainty about its financial future.
FAQ
What triggered Bit Origin's notification from Nasdaq?
Bit Origin received a notification for not meeting the minimum stockholders' equity requirement of $2,500,000.
What is Bit Origin's current stockholders' equity?
The company's stockholders' equity reported as of June 30, 2024, is $909,583.
How long does Bit Origin have to regain compliance with Nasdaq?
Bit Origin has 45 calendar days to submit a plan to regain compliance with Nasdaq rules.
Will Bit Origin's securities continue to trade on Nasdaq?
Yes, Bit Origin's ordinary shares will continue to trade on Nasdaq under the symbol "BTOG."
What are Bit Origin's main business activities?
Bit Origin is engaged in cryptocurrency mining and deploying blockchain technologies with diverse expansion strategies.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BTOG Hedge Fund Activity
We have seen 1 institutional investors add shares of $BTOG stock to their portfolio, and 3 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CITADEL ADVISORS LLC removed 34,170 shares (-100.0%) from their portfolio in Q3 2024
- UBS GROUP AG removed 25,424 shares (-74.4%) from their portfolio in Q3 2024
- VIRTU FINANCIAL LLC removed 16,006 shares (-100.0%) from their portfolio in Q3 2024
- XTX TOPCO LTD added 12,749 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Bit Origin Ltd (NASDAQ: BTOG) ("Bit Origin" or the "Company"), an emerging growth company engaged in the crypto mining business with diversified expansion strategies, today announced that it has received a written notification (the "Notification Letter") from the Listing Qualifications staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is no longer in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market, listing Rule 5550(b)(1), due to its failure to maintain a minimum of $2,500,000 in stockholders' equity. In the Company's Form 20-F dated December 26, 2024, the Company reported stockholders' equity of $909,583 as of June 30, 2024.
The Notification Letter provides that the Company has 45 calendar days to submit to Nasdaq a plan to regain compliance with the Rule. If the plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from the date of the letter to evidence compliance.
The Notification Letter has no immediate effect on the listing or trading of the Company's securities on Nasdaq. The Company’s ordinary shares will continue to trade on Nasdaq under the symbol “BTOG”.
About Bit Origin Ltd
Bit Origin Ltd, formerly known as China Xiangtai Food Co., Ltd., is an emerging growth company operating in the United States and engaged in the cryptocurrency mining business. The Company is also actively deploying blockchain technologies alongside diversified expansion strategies. For more information, please visit https://bitorigin.io.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
Company Contact
Bit Origin Ltd
Mr. Jiang Jinghai, Chairman of the Board, CEO and COO
Email:
[email protected]
To keep updated on Bit Origin’s news releases and SEC filings, please subscribe to email alerts at https://bitorigin.io/contact
