rewrite this content using a minimum of 1000 words and keep HTML tags
In brief
Canaan must raise its share price above $1 for 10 consecutive days by July to avoid Nasdaq delisting.
The company’s stock trades at $0.79, down from a brief spike after announcing a major 50,000-rig order in October.
Largest institutional holder Streeterville Capital exited its $439 million position in December.
Bitcoin mining hardware maker Canaan has until July to raise its share price and escape delisting, Nasdaq told the firm earlier this week.
The company now has until July to raise its share price above $1 for at least 10 consecutive days to escape being delisted, it said in a press release Friday.
If the company fails to achieve compliance, Nasdaq can grant the firm more time to come back into compliance. Other firms faced with a similar issue have used a reverse stock split to boost their share price. It involves reducing the number of outstanding shares and increasing the price per share proportionally.
The Singapore-based hardware maker, which trades under the CAN ticker, was changing hands for $0.79 at the time of writing. The hardware company’s shares haven’t traded above $5 since 2022 and last closed above $2 in October, according to Yahoo Finance data.
In October, Canaan had just announced that it received an order for 50,000 of its Avalon A15 Pro mining rigs—the largest order it had receive in the past three years.
“This milestone order represents a significant win for Canaan and reflects the robust resurgence of the U.S. market,” Canaan Chairman and CEO Nangeng Zhang said, in a press release at the time. “It highlights not only the strength of our Avalon A15 Pro but also our deep commitment to serving customers worldwide, with a particular focus on building long-term partnerships in the U.S. market.”
The company’s stock jumped 25% the same day the news went out. But the investor euphoria didn’t last for long.
In early December, Utah-based investment firm Streeterville Capital was Canaan’s largest institutional holder. But then the firm completely exited its position on Dec. 12, which was worth around $439 million at the time, according to its SEC filing.
Canaan is not the only firm that’s gotten a warning letter from Nasdaq. Last month, Bitcoin treasury company Kindly MD got a similar letter telling the firm that it had until June 2026 to raise its share price above $1 for at least 10 consecutive days to avoid being delisted.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website http://defi-daily.com and label it “DeFi Daily News” for more trending news articles like this
