Nasdaq sends delisting threat to another crypto firm

Group 1 - Canaan Inc. has received a delisting warning from Nasdaq after its shares traded below $1 for 30 consecutive business days [1][2] - The company was notified on January 15 that it failed to meet Nasdaq's minimum bid price requirement, which mandates a closing bid of at least $1 per share for ten straight trading days [2] - Canaan's shares last closed above $1 on November 28, and they closed at $0.7888, down 3.82% on the last trading day [2][3] Group 2 - Over the past year, Canaan's stock has fallen 60.76% due to declining demand for mining rigs as many miners shift to providing computing power for artificial intelligence projects [3] - If Canaan fails to regain compliance by July 13, it may request an extension, which could include a reverse stock split to raise the value of remaining shares [3] - Canaan's notice follows similar actions by Nasdaq against other crypto-related firms, including Kindly MD and Windtree Therapeutics, which also faced delisting for noncompliance [4] Group 3 - Despite delisting fears, Canaan has secured large orders, including a sale of 50,000 Avalon A15 Pro rigs, which briefly boosted its stock price by 25% [5] - The company also received a $72 million strategic investment in November from BH Digital, Galaxy Digital, and Weiss Asset Management to strengthen its balance sheet and fund infrastructure projects [5]