- Blockchain Minor HIVE has 60 calendar days to submit a plan to Nasdaq on how to readjust to annual filing requirements
- The miner missed last month’s deadline due to difficulties over shortening the submission period for non-venture issuers.
HIVE Blockchain Technologies, a publicly traded cryptocurrency miner, said Monday that it received a letter from Nasdaq asking it to submit a plan to restore compliance under the exchange’s listing rules.
HIVE said it received a defect list notice issued by the exchange’s qualification department after the miner. Missed annual submission deadline The end of last month.
The letter reaches many of the industry’s top mining companies The struggle to achieve the goal As a result of changing macroeconomic conditions, rising electricity costs and falling Bitcoin prices. HIVE did not blame any of these factors, saying that the deadline was missed because of the short submission deadlines of non-venture publishers.
The Vancouver company has 60 calendar days to submit a plan detailing how it complies with Rule 5250 (c) (1). Once the plan is fully accepted, HIVE said in a statement that miners have up to 180 calendar days from the due date of the annual Form-40F submission to regain compliance.
Under the rules, “the company shall timely submit all necessary regular financial reports to the Commission or other regulatory agencies via the EDGAR system.” Exchange website..
HIVE said last month that it would postpone the June 29 deadline for the fiscal year ending March 31 by more than two weeks and submit it on July 15. , And analysis.
According to the company’s recent report, HIVE recorded revenues of over $ 68 million and net income for the third quarter of last year exceeded $ 64 million. Financial statements..
As a result of the delay, HIVE has requested regulators in all Canadian provinces and territories to issue a temporary order prohibiting directors, officers, and insiders from trading HIVE shares. ..
At that time, the company blamed “combination of factors” such as shorter submission deadlines for non-venture issuers, a rapid increase in company growth, and the resulting increase in transaction volume.
HIVE’s share price fell more than 10% from C $ 4.42 ($ 3.43) to $ CA4.01 ($ 3.08) after it was announced that it was not in time for the annual filing deadline. The miner’s share price then recovered, rising about 14% that day, from $ CA $ 3.83 ($ 2.94) to CA $ 4.40 ($ 3.38). Every year, HIVE’s stock price drops by more than 76%.
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